Barwa Bank posts 2015 profit of QR729.7mn
April 10 2016 01:41 AM
BARWA
Sheikh Mohamad (left) and al-Subeai: Outstanding performance.

Barwa Bank Group

Barwa Bank Group posted a net profit of QR729.7mn in 2015, the bank said yesterday.
The bank saw an 18.3% growth in assets, which exceeded QR45bn, driven by a strong growth in the finance portfolio that reached QR28.5bn at a growth rate of 22.6% last year.
Barwa Bank’s customer deposits totalled QR25.5bn at a growth rate of 16.5% in 2015.  
The earnings per share (EPS) reached QR2.46 in 2015, the bank said.
On the results, Barwa Bank chairman Sheikh Mohamed bin Hamad bin Jassim al-Thani said, “The group has continued its outstanding performance in 2015, was able to adapt to market fluctuations, and has dealt with all developments with flexibility and professionalism.”
Based on the “group’s performance for 2015 and its excellent results”, the Board of Directors recommended a 10% cash dividend, which translates into QR1 a share.
Sheikh Mohamed added: “I would like to thank the Group’s Management and its staff for their outstanding performance and their dedication to hard work, with the aim of increasing profitability and the growth of shareholder returns.”
Barwa Bank Acting Group CEO Khalid Yousef al-Subeai said, “We have been keen in 2015 to expand our client base and the Group’s market share through a competitive business model that focuses on customer service in the first place, and meeting our clients’ needs in innovative ways that strengthen the bank’s position as one of the best providers of Islamic banking in Qatar.”
The growth in the group’s business and the increase in its funding and investment activities, go in line with maintaining asset quality and risk management policies, with total non-performing assets decreasing to 1.4% from 1.6% in 2014.
Out of the group management’s keenness on increasing shareholder returns and dividends, Barwa Bank has worked on controlling and rationalising the cost base and the adoption of a work structure that is marked by quality, flexibility and efficiency, as the expenses decreased by 7% during 2015.
Barwa Bank received credit rating from two international rating agencies- A2 from Moody’s and A+ from Fitch. This rating is considered one of the highest in the region, reflecting the strength and solvency of the bank as well as its sound policies.
Regarding Barwa Bank’s “commitment to the development” of the human capital base, it continued to attract young and promising Qatari talent, as the Qatarisation percentage in the group exceeded 27% in 2015.




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