Barwa Bank, Qatar’s fastest growing Shariah-compliant banking service provider, yesterday reported half-year profits of QR303.6mn, up 85% from the QR162.9mn recorded in the same period last year.
Return on equity increased from 6.6% to 11%, with earnings per share rising from QR0.55 to QR1.01 on the back of a 10% increase in total assets to QR27.8bn.
Sheikh Mohamad bin Hamad bin Jassim al-Thani, chairman of the Barwa Bank Group said: “The good financial performance for the first half of the year is very encouraging and a validation of both our strategy and our 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.”
The highlight of the first half has been the high level of activity in corporate banking as major infrastructure projects have started to bear fruit. Also, contributing ware the strong performances in the bank’s treasury and trading businesses, the bank said in a statement.
Barwa Bank has also seen selective expansion in its retail footprint with two new high-profile branches nearing commissioning and good response to its special outlets located in the Ministry of Interior and the Navy.
Steve Troop, CEO, Barwa Bank Group said: “We continue to achieve strong financial results, a function of top-line revenue growth, continuing credit quality and prudent cost control.”