Doha: Barwa Bank registered a net profit of QR 729.7 million for 2015, with earnings per share rising to QR2.46.
A statement released by the bank today for the press said that assets grew by 18.3% to more than QR45 billion. The main driver of growth was the finance portfolio, which reached QAR 28.5 billion at a growth rate of 22.6%, while customer deposits stood at QAR 25.5 billion at a growth rate of 16.5%.
Commenting on the results, Chairman of the Board of Directors of Barwa Bank HE Sheikh Mohammed bin Hamad bin Jassim Al Thani said: "The Group has continued its outstanding performance in 2015, was able to adapt to market fluctuations, and has dealt with all developments with flexibility and professionalism." His Excellency then thanked the group's management and employees for their efforts throughout 2015.
The Board of Directors recommended a 10% cash dividend, at QR 1 per share.
For his part, Acting GCEO of Barwa Bank Khalid Yousef Al-Subeai said: "We have been keen in 2015 to expand our client base and the Group’s market share through a competitive business model that focuses on customer service in the first place, and meeting our clients’ needs in innovative ways that strengthen the bank's position as one of the best providers of Islamic banking in Qatar."
The growth in the Group's business and the increase in its funding and investment activities, go in line with maintaining asset quality and risk management policies, with total non-performing assets decreasing to 1.4% from 1.6% in 2014.
QNA
