A recent research report by Rabee Securities (RS) showed that Al-Mansour Bank's (net profit after tax increased 73% quarter-on-quarter, during the 3rd quarter of 2022, to $2.9 million. The bank increased total revenues by 40% in the 3rd quarter compared to the previous quarter, reaching $5.6 million.
Mrs. Tugba Tan Karakaya, Analyst at the Research Department of Rabee Securities, stated that Al-Mansour Bank’s share price went up 19% in the last one month (as end of November 15th) and over-performed the RSISX index by 21%. The bank still has 145% upside potential compared to its peak level on February 13th, 2014, based on adjusted closing prices calculated by RS.
Al-Mansour Bank was established as a private joint stock company in 2005 and is headquartered in Baghdad, Iraq. The bank is working to strengthen and expand banking relations through its correspondents directly and through Qatar National Bank, the parent company that owns a 54.2% share at Al-Mansour Bank.
Al-Mansour Bank increased its annualized Return on Average Equity (ROAE) from 1.7% in 9M21 to 4.2% in 9M22; the average annualized ROAE of ISX-listed banks that recorded profit in 9M22 was 4.1%. The bank increased its annualized Return on Average Assets (ROAA) from 0.5% in 9M21 to 1.8% in 9M22; the average annualized ROAA of ISX-listed banks in 9M22: 1.4%.
-Ends
