Sheikh Mohamed (left) and al-Subeai: Growth-focused strategy.
Registering robust growth across the bank’s balance sheet and verticals, Barwa Bank has made a first quarter net profit of QR209mn, up 4% on the same period last year.
In the first quarter of last year, Barwa Bank registered a net profit of QR201mn.
At QR40.5bn, the bank’s total assets jumped by 24% year-on-year, underpinned by significant growth in its financing portfolio, which itself registered an increase of 22% to exceed QR25.1bn.
Barwa Bank’s customer deposits stood at QR21.1bn, while earnings per share rose from Dh66 in the first quarter of 2014 to Dh70 in Q1, 2015.
On Barwa Bank’s strong performance, group chairman Sheikh Mohamed bin Hamad bin Jassim al-Thani said, “While the region’s economic and financial landscape is undergoing transformative changes that are reshaping our sector, we have seen this dynamic environment positively challenge our drive and determination to grow and expand our presence in the Qatari market and beyond.
“Our performance in the first quarter of 2015 is a reflection of this focused growth strategy, while several landmark deals and partnerships that we had closed in 2014 offered us a head-start into this year, our Q1 results demonstrate Barwa Bank’s commitment to long-term, carefully studied and cautiously progressive growth to both our group and our key stakeholders.”
Acting group CEO Khalid Yousef al-Subeai said, “Underlining our growth strategy over the past few years and going forward is an uncompromising stance on strong profitability and solid revenue stream.
“We have poured focused and great efforts and investments into ensuring that our growth and expansion would not be at the expense of our profit and loss balances. Our revenues increased by 6% and our expenses were reduced by 4% during the first quarter of this year, bringing our cost-revenue ratio down to 38% from 42% in 2014.
“In parallel, our non-performing assets accounted for 1.6% of the total financing portfolio, down from 1.9% for the same period in 2014. As we continue to undertake ambitious projects and expansion plans, our priority remains on maintaining a healthy growth trajectory with long-term, solid prospects.”
