Registering strong growth in both balance sheet and profitability, Barwa Bank has posted a 2013 net profit of nearly QR504mn, up 46% on the same period in 2012.
The bank's total assets jumped 33% to reach QR33.6bn in 2013, a result of 26% growth in the financing portfolio, which went up from QR15.3bn to QR19.3bn.
Customer deposits rose from QR14.8bn to QR21.2bn, Barwa Bank said in a statement yesterday.
Earnings-per-share rose from QR1.17 to QR1.68 in 2013, which indicates a 43% gain, the bank said.
According to Barwa Bank, 2013 saw the emergence of more "balanced" income profile, reliable, quality earnings from wholesale activity, which were complemented by a very strong contribution from treasury, a reflection of significant investment in people - and a major improvement in Retail performance.
During the year, Barwa Bank's "elevated profile" gained "significant" recognition both domestically and regionally, a development reflected in a number of prestigious industry awards.
A highlight was winning the Islamic Business and Finance Awards' "Best Bank" title - at the international stage, which the bank said was a "significant" achievement. The bank continued to build infrastructure to support its strategic growth plans, including continuing investment in information technology and premises, with two new prestigious locations due to open during the first half of 2014.
In addition to systems and premises, Barwa Bank said it remains committed to the development of its "most important asset" - human capital, and has achieved 25% Qatarisation at a group level.
The bank continued to attract prominent Qatari banking professionals in a number of key leadership roles who are driving and executing the group's growth strategy, the bank said.
Barwa Bank Group chairman Sheikh Mohamed bin Hamad bin Jassim al-Thani said, "I would like to thank the board of directors, executive management and all the team of Barwa Bank Group for delivering yet another strong year. I can also confirm that our momentum has continued with a very positive start to 2014 and, through our first-class team and with support from the board, we will continue to deliver innovative Shariah-compliant banking services to our clients and add value to our shareholders and the financial sector in Qatar."
© Gulf Times 2014
