Barwa Bank Group profit rises to QAR 738.8 million
Doha-based Barwa Bank has reported net profit of QAR 738.8 million for 2016, up from QAR 729.7 million in 2015, a gain of 1.2 per cent.
The Shari’ah-compliant bank said earnings per share were QAR 2.49, up from QAR 2.46.
"The results for this year emphasise the strength of the group and its financial position and strategy. In spite of the difficult conditions in the regional markets and a lack of liquidity… the objective is to maintain the quality of assets and improve performance and increase the return to shareholders’ efficiency. Based on these strong results, the board of Directors recommended a cash dividend to shareholders increased by 13.5 per cent and the rate of SR 1.35 per share,” said HE Sheikh Mohammed bin Hamad bin Jassim Al Thani, Chairman and Managing Director.
Barwa Bank’s financing portfolio rose 4.5 per cent to QAR 29.8 billion. Total assets amounted to QAR 46 billion riyals. Customer deposits rose by 17.7 per cent to QAR 29.9 billion.
Khaled Youssef Subaie, Group CEO of Barwa Bank, said, "The group continued its strong performance to increase its revenues by relying on diversification of income sources and increase the customer base by 16.4 per cent. The group was able to increase operational efficiency and reduce total expenses by 5.6 per cent.” He added that non-performing finances amounted to 1.5 per cent of the total financing portfolio.