Doha: Barwa Bank Group yesterday announced that its net profit rose 28 percent to QR201m in the first quarter of 2014 compared with QR157m in 2013.
The balance sheet recorded significant growth in most of its items, with an increase in its total assets by 15 percent to reach QR32.7bn compared with 2013, and an increase in the financing assets by 28 percent to exceed QR20.5bn, as well as an increase in the customer deposits by 27 percent to reach QR 22.7bn.
Earnings-per-share improved from 52 dirhams in the first quarter of 2013 to 66 dirhams.
“These results clearly reflect the strength and stability of the Group’s financial position and confirm the integrity of the strategy pursued. Most importantly, these results are attributed to the perseverance and dedication of all the Group’s employees who are committed to provide quality services to all customers, and enhance shareholder’s investment as well as contributing to the development of the Qatari banking sector,” said Sheikh Mohamad bin Hamad bin Jassim Al Thani, Chairman, Barwa Bank Group.
Khalid Al Subeai, Acting Group CEO, Barwa Bank Group, added, “We are currently concluding some major deals which will enhance the Group’s profitability even further. We are also in the process of launching several new innovative products and opening two new branches, all of which will further develop our capabilities to reach and widen our customer base alongside providing them with state of the art solutions for all types of banking requirements.”