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Iraqi Middle East Investment Bank achieves net profit of IQD21.6bn in 2011

Iraq: Sunday, February 19 - 2012 @ 15:53

As at the end of 2011, the total cash in hand and at bank was IQD369.7bn, compared to IQD343.9bn in 2010. The monetary credit amounted to IQD190.7bn in 2011, compared to IQD142.6bn in 2010. The fixed assets of the bank saw a 13% increase at the end of 2011 compared to the previous year, standing at IQD66.4bn.

The total revenues for the period ending December 31, 2011 was IQD47.6bn, marking a 44.7% increase over the corresponding period in 2010. The operations expenses and administrative expenses as of end of 2011 amounted to IQD12.10bn and IQD12.07bn respectively.

The impressive financial performance of the bank is a reaffirmation of its strong fundamentals and reflects prudent and efficient management especially given the current economic climate in the region. The bank is confident of carrying forward this momentum to 2012, which is expected to be another exciting and rewarding year for IMEIB.

The Iraqi Middle East Investment Bank is a private shareholding company established in 1993 originally with a capital of IQD400m. It was among the first group of private banks in Iraq following the relaxation of restrictions on private bank operations in the late 80′s. The bank’s customer base and trust grew rapidly over the years which helped raise IMEIB’s capital to its current level of IQD100bn fully paid despite years of turmoil in the country. IMEIB has plans to raise its capital to IQD250bn by the year 2013.

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Sunday, February 19- 2012 @ 15:53 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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