Barwa Bank Group has posted a net income of QR529mn in the second quarter of 2020, representing a 12.5% growth from the QR470mn recorded in the same period last year.
The bank has accounted for the pandemic's (Covid-19) effect in its financial report, in line with international standards and in accordance with Qatar Central Bank (QCB) rules.
The results showed that the group continues its positive performance with the total income standing at QR1.8bn compared to QR1.4bn in the same period last year, a growth of 22%.
The results are testament to Barwa Bank’s resilience and flexibility in adapting to constantly changing market conditions and continuing to serve the ever-changing needs of its large customer base.
Barwa Bank Group’s total assets are now recorded at QR75.4bn, a positive performance that can be attributed to its business model, which focuses on diversity, constant innovation in products and services, and striving for ways to improve the experience for customers continues as its greatest driver for growth.
Moreover, the cost-to-income ratio is down to 31.8% from 37.7%, a positive indication of the realisation of the merger synergies and the cost control actions undertaken by the bank’s management.
The group remains steadfast on its mission to strengthen its position in Qatar’s financial sector. It is committed to supporting the national economy, working towards achieving the strategic goals envisioned by His Highness the Amir Sheikh Tamim bin Hamad al-Thani in the Qatar National Vision 2030.
Barwa Bank’s wide-ranging banking solutions to satisfy clients in Qatar are built on forward-thinking strategies, positioning it as one of the leaders in the banking industry. The bank has reputed itself as the country’s most progressive Shariah-compliant service provider, offering a diverse spectrum of award-winning banking products and services.