DOHA: Barwa Bank Group, Qatar’s Shari’ah-compliant banking service provider, has recorded a strong growth in both balance sheet and profitability for the full-year 2013, with net profit growing by 46 percent at QR503.9m compared with QR345.2m in 2012.
The group’s total assets increased by 33 percent to reach QR33.6bn, a reflection of 26 percent growth in the financing portfolio from QR15.3bn to QR19.3bn, with customer deposits rising from QR14.8bn to QR21.2bn.Earnings-per-share improved from QR1.17 to QR1.68, in 2013, a 43 percent improvement.
The year 2013 saw the emergence of a more “balanced” income profile: reliable, quality earnings from wholesale activity and it was complemented by a very strong contribution from Treasury and a major improvement in retail performance.
During the year, Barwa Bank’s elevated profile gained significant recognition both domestically and regionally, a development reflected in both customer acquisition volumes and a number of prestigious industry awards. A highlight was winning the Islamic Business and Finance Awards’ “Best Bank” title .
The bank continued to build the infrastructure that supports its strategic growth plans, including continuing investment in Information Technology and premises, with two new prestigious locations due to open during the first half of 2014.
Barwa Bank achieved a 25 percent Qatarisation at the group level. The bank continued to attract prominent Qatari banking professionals in a number of key leadership roles driving and executing the growth strategy.
Sheikh Mohamad bin Hamad bin Jassim Al Thani, Chairman, Barwa Bank Group thanked the entire team of Barwa Bank Group for delivering yet another strong year. “I can also confirm that our momentum has continued with a very positive start to 2014 and, through our first-class team and with support from the Board, we will continue to deliver innovative Shari’ah-compliant banking services to our clients and add value to our shareholders and the financial sector in Qatar”, he said.