Al-Wazir inaugurates glass factory, lays foundation stone for new appliance plant at Elaraby Group    New expansion projects, public-private partnerships to modernize, localise industry: El-Shimy    A blaze that exposed Egypt's fragile digital backbone    Al-Sisi attends high-level African summit to strengthen continental coordination, regional integration    Egypt, Mexico discuss environmental cooperation, combating desertification    Egypt launches anti-drug awareness campaign for drivers    Germany faces recruitment hurdles in push to rearm, eyes conscription    HDB expands national footprint with 'Acacia' branch in New Cairo    Lavrov warns against anti-Russia alliances in Asia during North Korea visit    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    S. Korea's c. bank holds base rate at 2.50%    Egypt's annual core CPI inflation eases to 11.4% in June: CBE    Egypt's EDA, Haleon discuss local market support    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    Egypt, Pakistan boost healthcare ties – Cabinet    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Qatar's Barwa Bank Posts QR244 Mln Net Profit In Q1
Amwal Al Ghad Published in Amwal Al Ghad on 24 - 04 - 2012

Qatari Barwa Bank Group recorded very strong growth in both balance sheet and profitability, with Net Income for 2011 up by 882% at QR244m compared to QR25m in 2010. These results from the Shari'ah compliant banking group start-up, demonstrated an ability to generate revenue, keep costs under control and engineer an early move to profitability.
Total assets increased by 143% to reach QR19 bn, a result of 354% growth in the financing portfolio from QR2bn to QR9bn, with customer deposits trebling from QR3bn to QR9bn.
Net income increased to QR244m, up by 882% compared to QR25m in 2010, as Barwa Bank Group achieved strong growth across a range of businesses. In addition, the Group undertook a number of consolidation initiatives designed to drive efficiency across its support and administrative functions, a contributor to effective cost-containment . Earnings-per-share increased from.15 Dirhams to QR1.30.
Barwa Bank completed a successful capital increase a the end of 2011, a vote-of- confidence from its shareholders .The offering comprised 109,130,900 new shares for subscription and was intended to raise QR1.7bn. The overall value of shares subscribed reached QR1.9bn, an over subscription of QR233mn with coverage of 113%. Book value per share increased to QR16.4 compared with QR15.2 at 31 December 2010.This capital increase will enhance the Group's position in the Qatari market and ensure that it can deliver on the commitment to development of Qatar's economy
The Group was among the first to benefit from the QCB ruling regarding the closure of the Islamic windows of conventional banks and announced the acquisition of IBQ's Al Yusr Islamic retail banking operations in August, a move that added to the bank's customer base and branch network and allowed Barwa Bank to close the year with a network of six branches, having started 2011 with only one. The transaction was later awarded "Qatar Deal of the Year" by Islamic Finance News.
During the year, Barwa Bank launched "Prestige Banking," aimed at its more affluent customers to provide them with a tailored suite of services that reflect their requirements and lifestyle as well as a Private Banking proposition, targeted at high net worth individuals.
Press Release

Clic here to read the story from its source.