Barwa Bank Group, Qatar’s fastest growing Shari’ah compliant banking service provider, has announced its financial results for the first quarter of 2014.
The results show an increase in the bank’s net profit by 28% to reach QR 201mn compared with QAR 157mn in 2013.
The Continuity of Growth
The Group’s balance sheet recorded significant growth in most of its items, with an increase in its total assets by 15% to reach QAR 32.7bn compared with 2013, and an increase in the Group’s financing assets by 28% to exceed QAR 20.5bn, as well as an increase in the customer deposits by 27% to reach QAR 22.7bn.
Earnings-per-share improved from 52 dirhams in the first quarter of 2013 to 66 dirhams.
H.E. Sheikh Mohamad bin Hamad bin Jassim Al Thani, Chairman, Barwa Bank Group commented, “These results clearly reflect the strength and stability of the Group’s financial position and confirms 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.”
Mr Khalid Al-Subeai, Acting Group Chief Executive Officer, Barwa Bank Group added, “These outstanding results have been a strong motivation to boost Group’s performance this year, as we were able to maintain, and even increase, our market share. The exceptional performance of all our divisions contributed to the increased revenue and has enhanced the quality of the Group’s assets. 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. We are committed to providing banking solutions well-suited to our customers’ needs in order to achieve our vision to make Barwa Bank Group the leading Islamic Banking service provider. ”
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