With the balance sheet registering significant growth in all components, Barwa Bank Group posted a half yearly net profit of QR411mn in June compared with QR303mn in the same period last year.
The bank’s half yearly financial performance indicates that the total assets reached QR35.6bn, up 28% on the second quarter of 2013.
Barwa Bank’s financing assets increased by 35% to exceed QR22bn, along with an increase in the customer deposits by 35% to reach QR22.4bn. Earnings per share (EPS) also increased to QR1.38, in comparison to QR1.01 in the first half of 2013.
Barwa Bank Group chairman Sheikh Mohamed bin Hamad bin Jassim al-Thani said, “We were able to strengthen our presence in the Qatari market significantly and took part in many important deals during the first half of this year, which reflected positively on the financial performance of the group. We are keen to continue this positive performance in greater pace throughout the remainder of this year, and hope to contribute more to the Qatari banking sector and increase value to our key stakeholders.”
Barwa Bank Group acting Group chief executive officer Khalid al-Subeai said, “The group managed to strengthen its profitability during the first six months of this year by increasing its revenues by 11% and reducing expenses by 5%. There has also been a major effort in the collection of non-performing assets, which was reduced to less than 1.5% of the total financing assets compared with 2% at the end of 2013. These excellent results will motivate us to continue providing our services and to progress at different levels in order to achieve our vision to make Barwa Bank Group the country’s leading Shariah-compliant banking service provider.”