DOHA: Barwa Bank, Qatar’s fastest growing Shariah-compliant banking service provider, recorded a net profit of QR641m, up 43 percent for the third quarter of 2014, compared with QR447m for the same period in 2013.
The group’s balance sheet recorded significant growth in most line items, with total assets growing to 36.6bn, a 28 percent increase over the same period in 2013, a 31 percent increase in the group’s financing assets to QR22bn, as well as 30 percent growth in customer deposits to QR22.1bn.
Earnings-per-share improved to QR2.12 compared to QR1.49 for the same period last year.
Sheikh Mohamad bin Hamad bin Jassim Al Thani, Chairman, Barwa Bank Group, said: “In only four years, Barwa Bank Group has managed to increase its market share in the Qatari Islamic banking industry to 15 percent coupled with a significant increase in customer numbers, both corporate and personal. The Board of Directors, strongly supports the expertise of the management and staff of the Group; expertise which is leading the Group to position itself at the forefront of Islamic financial service providers.”
Khalid Yousef Al Subeai, Barwa Bank’s Acting Group Chief Executive Officer, said: “The Group’s strategy, focused on across-the-board expansion, service excellence and robust risk management, has improved both the breadth and quality of earnings. The impressive growth of the Group continues to be associated with progressive improvement in processes and management practices which has led to greater efficiency, improved profitability and increasing returns on our shareholders’ investment in the Bank.
“We are keen to continue and accelerate this positive performance in future, to meet the expectations of both our customers and shareholders alike. I would like to thank all Group employees for their dedication and perseverance which has resulted in — with the grace of God — these excellent results.” The Peninsula
