Trade Bank of Iraq (TBI) has announced a major hike in its capital for 2020 which has risen to $3 billion from $2.3 billion last year as part of its plan to raise the bank's financial strength in line with the new strategic vision for 2020-23.

The step has been taken with the approval of the Prime Minster of Iraq on the back of TBI's promising 2019 financial results audited by E&Y Ernst & Young.

The increased capital is aimed at reinforcing the bank's status in Iraq and its position as a leading Iraqi bank with global reach.

The bank had opened its first branch outside Iraq last year in Riyadh, Saudi Arabia and is now planing to upgrade its representative office in Abu Dhabi Global Market to enable it to conduct investment arranging and advisory activities.

TBI achieved a robust growth in revenues and in key financial areas during the financial year 2019. The financial results shows that TBI achieved revenues of $708 million, which grew by 12% over 2018, and a net profit of $556 million in 2019, up 68% from the previous year.

The total assets of TBI grew to $29 billion in 2019 thereby recording an increase of 27% in comparison to the previous year.

Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, said: "The capital increase is a significant step forward on the path to creating a stronger bank which will reinforce our ability to execute the strategic plan for the coming three years to increase the banks revenues and profits."

The capital increase, the largest in the history of the TBI since its establishment in 2003, solidifies TBI's leadership on development financing for the country and help continue to play a pivotal and influential role in Iraq's ongoing recovery.

Faisal added: "We have accomplished a lot in the recent years but we are aware that we have still a long way to go. Our objective is to help increase the quality of life for the people of Iraq which is the essence of the social responsibility towards the Iraqi people."

Based on the Approval of the Prime Minister of Iraq, TBI also successfully transferred 20% of the bank's profits for the year 2019 amounting to 111 million US dollars (131 billion Iraqi dinars) to the state's treasury.

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