Demonstrating its ability to generate revenue, keep costs under control, and engineer an early move to profitability, the Barwa Bank Group posted a full year net profit of QR244mn in 2011, up 882% on QR25mn in 2010.Barwa Bank’s total assets increased by 143% to reach QR19bn in 2011, which was driven by a 354% growth in the financing portfolio (from QR2bn to 9bn). Customer deposits trebled from QR3bn to QR9bn in 2011.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 to QR1.30 in 2011 from Dh15 the year before. Barwa Bank completed a “successful” capital increase at the end of 2011, which it said is a “vote of confidence” from 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 in 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 the country’s economy. Barwa 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. Barwa Bank’s 2011 financial results were announced yesterday following a meeting of its Board of directors last Thursday.