Sheikh Mohamad bin Hamad bin Jassim Al Thani & Steve Troop, CEO, Barwa Bank Group
DOHA: Barwa Bank recorded a net profit of QR303.6m for the first half of 2013 (2013 H1), reflecting an impressive 85 percent growth compared to the same period previous year. The Bank’s 2012 H1 profits were QR162.9mn.
Return on Equity increased from 6.6 percent to 11 percent, with Earnings per Share increased from QR0.55 to QR 1.01 on the back of a 10 percent increase in total assets to QR27.8bn.
Sheikh Mohamad bin Hamad bin Jassim Al Thani, Chairman, Barwa Bank Group commented: “The good financial performance for the first half of the year is very encouraging and a validation of both our strategy and selective approach to the markets in which we choose to compete. We look forward to further growth, our continuing contribution to the development of the Qatari economy and Shariah compliant financial services, as well as creating value for our customers and shareholders. ”
Highlights of the first-half have been a great deal of activity in corporate banking as the major infrastructural projects have started to come to fruition as well as strong performances in the Bank’s Treasury and trading businesses. Barwa Bank has also seen selective expansion in its retail footprint with two new high-profile branches close to commissioning and encouraging customer response to its special outlets located in the Ministry of Interior and the Navy.
Steve Troop, CEO, Barwa Bank Group commented: “We continue to achieve strong financial results, a function of top-line revenue growth, continuing credit quality and prudent cost control.”
The Peninsula
