Barwa Bank will strive to achieve the largest possible share of financing infrastructure projects and providing all possible support to the growth of the country’s economy, said chairman and managing director Sheikh Mohamed bin Hamad bin Jassim al-Thani.
This is due to the national economy’s provision of promising opportunities and an investment climate that is comparable to the major economies, Sheikh Mohamed said at the bank’s AGM at the Four Seasons in Doha yesterday.
Highlighting the group’s financial results last year, he said it recorded “strong growth in each of the financial position and profits, as the net profit for 2017 rose to QR754.3mn and earnings per share reached QR2.54.
These results were actualised despite the challenges faced by the banking sector in particular, and the overall market. Such perseverance came at a time during which the economy faced a liquidity freeze, along with an increase in funding costs and the negative decline in oil prices, during which Barwa Bank Group was able to maintain its profitability and increase its market share.
The focus in 2017 was directed to consolidate the bank’s foundation in the local market and to increase its market share, as the Group showed a strong performance represented by an asset growth reaching up to QR48.6bn, driven by a strong growth in the financing portfolio, which amounted to QR31.7bn at a growth rate of 6.4%, while customer deposits stood at QR26.5bn.
The growth in the group’s business and the increase in its funding and investment activities, go in line with maintaining asset quality and risk management policies. He said the group has worked on controlling and rationalising the cost base and the adoption of a work structure that is marked by quality, flexibility and efficiency.
He said the bank had achieved 30% Qatarisation in in the Group’s administrative positions.
The AGM gave approval to the board of director’s recommendation to distribute cash dividends amounting to 14% of the nominal value of the shares at the rate of 1.4 per share.


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