Registering growth across all segments, Barwa Bank’s 2014 net profit reached QR713mn, up 41.5% on 2013.
Total assets grew 14% and reached QR38bn, driven mainly by strong growth in the bank’s financing portfolio, which grew from QR19.3bn to QR23bn, an increase of 19% over 2013.
Barwa Bank’s customer deposits stood at QR21.9bn at end-2014 compared with QR21.2bn in 2013, representing a 3% increase.Earnings per share (EPS) were at QR2.40 in 2014, up 43% on the previous year, the bank said yesterday.
Based on the “outstanding performance and excellent results”, the bank’s board of directors recommended a 10% cash dividend to shareholders.
Barwa Bank chairman Sheikh Mohamed bin Hamad bin Jassim al-Thani said,
“2014 was another outstanding year for the bank, with growth continuing unabated across all segments and subsidiaries. This strong performance would have not have been possible without the exceptional leadership, foresight, and fortitude of everyone at Barwa Bank; to the board of directors, executive management, and the entire team at the bank, I extend my deepest thanks and gratitude for delivering yet again another strong year.
“I would also like to welcome our new major shareholder the General Retirement and Social Insurance Authority, which will prove to be a valuable asset to the bank as we continue with our growth trajectory and delivering innovative Shariah-compliant financial services in line with our strategic goals and the aspirations of the Qatar National Vision 2030. I would also like to thank our previous major shareholder Barwa Real Estate and wish them well in their future endeavours.”
Acting Group CEO Khalid Yousef al-Subeai said, “We are proud of our achievements in 2014, where we maintained the title of fastest growing bank from a Net Income perspective. We continue to improve our service offering to our loyal clients through a full range of Shariah-compliant commercial banking services at Barwa Bank, investment banking services through wholly-owned subsidiary, The First Investor, and specialised leasing and consumer finance through subsidiaries First Leasing Company and First Finance Company, puts the bank in a unique position to offer a ‘one stop shop’ service to customers.”
Barwa Bank continued increasing its footprint within Qatar, with the opening of its seventh branch in the Medina Centrale at The Pearl-Qatar. In addition, digital innovation took to the forefront in 2014 with both the mobile and Internet banking platforms revamped to offer even more convenient services to customers.
Barwa Bank’s expertise continued to be sought after, with the corporate team’s involvement in major sukuk issuances in 2014.