Barwa Bank announces 28% rise in Q1, 2014 net profits

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Financing assets increased 28 percent to exceed QR 20.5 bn while customer deposits rose 27 percent to reach QR 22.7 bn. Earnings per share improved from 52 dirhams in Q1, 2013 to 66 dirhams. Chairman Sheikh Mohamad bin Hamad bin Jassim Al Thaniin  said: “These results reflect the strength and stability of the Group’s financial position and confirms the integrity of the strategy pursued.”

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Acting CEO Khalid Al Subeai stated: “We were able to maintain, and even increase, our market share. The performance of all our divisions contributed to the increased revenue and has enhanced the quality of the Group’s assets.”

Major deals

Al Subeai said: “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.”

With total equity of QR 5.9 bn, Barwa Bank provides a full range of Shariah-compliant banking services including retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments and asset management.

Pictured: (Left) Barwa Bank chairman Sheikh Mohamad bin Hamad bin Jassim Al Thani and acting CEO Khalid Al Subeai

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