Net profit exceeded 208 million Qatari Riyals, an increase of 15%
Doha – Qatar, April 2018- Barwa Bank Group disclosed its financial statements for the first quarter ending 31st March 2018, where the Group has recorded a net profit of QAR 208.7 million, representing an increase of 15% as compared to the same period in 2017.
His Excellency Sheikh Mohammed Bin Hamad Bin Jassim Al Thani, Chairman and Managing Director of Barwa Bank Group, said: “The Group has succeeded in achieving strong and steady results for the first three months of the year, by taking advantage of the extensive customer base that the Group has been able to build over the past years. This also came in line with the management’s ability to adapt to the current market conditions by working with dynamism and flexibility, which reflected positively on all financial indicators. The Group achieved a return on equity of 11.7%”.
HE the Chairman expressed his confidence in Barwa Bank Group’s commitment to continue delivering its responsibilities this year by working hard on strengthening its position across the Islamic banking sector in Qatar and exerting greater efforts to support the national economy in achieving the vision of His Highness Sheikh Tamim Bin Hamad Al Thani, the Emir of the State of Qatar, and translating the ambitions of the Government’s leadership.
From his part, Mr. Khalid Al Subaie, Group Chief Executive Officer at Barwa Bank Group said that the business model of the Group, the diversity of income sources along with the variety of its innovative products which suit all customers segments, have enabled the bank to increase its financing revenues by 9.5% exceeding QAR 517 million as well as its commission revenues exceeding QAR 55 million, which recorded an increase of 41%. In addition, the Group’s total assets have increased by 9.5%, exceeding QAR 48.8 billion, which was supported by a significant rise in customer deposits of 6.6% reaching QAR 31.5 billion.
Mr. Al Subaie thanked all customers for their continuous support, trust and loyalty, while praising the effort and hard work of Barwa Bank Group’s management and staff in delivering an expectional banking service with professionalism and commitment. He also valued Qatar Central Bank continuous support to the Group.