Barwa Bank Group’s net profit jumped 15% to reach QR208.7mn in the first quarter of this year compared with the same period in 2017.
Barwa Bank Group chairman and managing director Sheikh Mohamed bin Hamad bin Jassim al-Thani said, “The group has succeeded in achieving strong and steady results for the first three months of the year by taking advantage of the extensive customer base that the group has been able to build over the past years. 
“This also came in line with the management’s ability to adapt to the current market conditions by working with dynamism and flexibility, which reflected positively on all financial indicators. The group achieved a return on equity of 11.7%.” 
The chairman expressed confidence in Barwa Bank Group’s commitment to continue delivering its responsibilities this year by working hard on strengthening its position across the Islamic banking sector in Qatar, and exerting greater efforts to support the national economy in achieving the vision of His Highness the Emir Sheikh Tamim bin Hamad al-Thani and translating the ambitions of the government’s leadership.
Group CEO Khalid al-Subaie said the business model of the group, the diversity of income sources, along with the variety of its innovative products that suit all customers segments, have enabled the bank to increase its financing revenues by 9.5%, exceeding QR517mn, as well as its commission revenues exceeding QR55mn or a 41% increase. 
In addition, the group’s total assets have increased by 9.5%, exceeding QR48.8bn, which was supported by a significant rise in customer deposits of 6.6% reaching QR31.5bn.
Al-Subaie thanked all customers for their continuous support, trust, and loyalty, while praising the effort and hard work of Barwa Bank Group’s management and staff in delivering an exceptional banking service with professionalism and commitment. He also valued Qatar Central Bank continuous support to the group. 
In a statement, Barwa Bank said it will continue focusing on its expansion plans across the Qatari market in 2018, given the significant opportunities the market provides. Furthermore, the group will spare no effort to gain the largest possible share of financing infrastructure projects and providing all possible support to contribute to the growth of the country’s economy, backing the Qatar National Vision 2030 and its development pillars. Barwa Bank sustains a resourceful strategy to develop all its employees with a focus on its Qatari human capital. 
The group has a strategic plan for recruiting and retaining capable and qualified Qatari employees and prepares them for joining the leadership team. A number of students are now pursuing their studies on a scholarship funded by the group, in specialisations consonant with the group’s business requirements. 
The group is maintaining a ratio of more than 30% Qatarisation.