Barwa Bank, which is all set to come out with an initial public offering, has reported a 53% rise in net profit to QR156.70mn in the first three months of this year.
Total income increased 36% to QR364mn, the bank said in a statement.
Total assets stood at QR28.5bn with financing portfolio at QR16bn.
Barwa Bank, which recently launched the private banking proposition and debt capital markets, also increased its investment portfolio by 14% to QR7.6bn, while total shareholders’ equity was QR5.3bn at the end of March 31.
“Our strong financial performance for the first quarter of the year is a validation of our strategy and represents progress on our journey to becoming Qatar’s most recommended Shariah-compliant banking group,” Barwa Bank chairman and managing director Sheikh Mohamed bin Hamad bin Jassim al-Thani said.
The bank is looking forward to further growth and continuing its contribution to the development of Qatari economy and Shariah-compliant financial services, as well as creating value for customers and shareholders, he said.
“We continue to achieve strong financial results with return-on-equity trending very positively coupled with progressive improvement in our cost-income ratio,” Barwa Bank group CEO Steve Troop said, adding “our core businesses are now firing on all cylinders and our major commitment to treasury and capital markets capacity and capability is now generating real momentum.”
Mazaya Qatar Real Estate Development Company has reported an 81% plunge in January-March net profit to QR1.97mn though operating income more than doubled.
Rental income almost tripled to QR9.47mn, but operating expenses substantially rose to QR1.98mn; nevertheless its operating income more than doubled to QR7.48mn, according to its financial statement.
However, profit from deposits with Islamic banks and financial institutions plunged 90% to QR0.24mn.
The company didn’t report any gains on sale of investment properties and change in fair value of investment properties in Q1, 2013 against QR1.24mn and QR9.92mn in the previous year period, which resulted in the shrinkage of net profits.
General and administrative costs fell 13% to QR4.89mn.
Total assets were valued at QR1.14bn comprising current assets of QR0.12bn and non-current assets of QR1.02bn.
Total shareholders’ equity stood at QR1.08bn on a capital base of QR1bn and earnings-per-share was QR0.02 at the end of first quarter of 2013.