Barwa Bank earns net income of QR442mn in nine months

Barwa Bank has earned a net income of QR442mn for the nine-month period up to September, up 60% on QR279mn in the same period last year.

Total income increased by 26% to QR1.1bn in nine months up to September compared with QR855mn in the same period in 2012, Barwa Bank said yesterday.

The earnings per share (EPS) rose to QR1.49 in September compared with Dh94 for the same period last year.

Barwa Bank Group chairman Sheikh Mohamed bin Hamad bin Jassim al-Thani said, , “The good financial performance for the nine months of the year is very encouraging and further builds on the earnings momentum we achieved last year.  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.”

Highlights of the nine month period have been “major business wins associated with significant infrastructural projects as well as the highly selective expansion” of the Barwa Bank branch network and extended working hours in some branches, offering “additional convenience” for the bank’s growing retail customer base.

In the Islamic capital markets, Barwa Bank continued to expand its activities in this strategic growth sector.

In 2013, Barwa Bank acted as joint lead manager for Albaraka Turk Bank’s $200mn Tier 2 sukuk and as co-lead manager for the Government of Dubai, Emirates Airlines and Dubai Islamic Bank sukuk issuances.

“The growth in net income and earnings per share comes as a result of the prudent risk management and the well-defined business model at the heart of the bank’s growth strategy,” Barwa bank said.

Barwa Bank CEO Steve Troop said, “By identifying and focusing on strategic growth sectors, crafting niche propositions for our customers and keeping a close eye on costs, we continue to achieve good financial results and value for our shareholders. We will continue to improve and enhance this business model to achieve better results in the months and years ahead”.