Net Profit for 2013 up by 46 per cent at QAR503.9mn
Key features of the 2013 financial results
Still the fastest growing bank in Qatar
Total assets increased by 33% to reach QAR33.6bn, a result of 26% growth in the financing portfolio from QAR 15.3bn to QR 19.3bn, with customer deposits rising from QAR 14.8bn to QR 21.2bn.Earnings-per-share improved from QAR 1.17 to QAR 1.68, in 2013, a 43% improvement.
Balanced income profile
2013 saw the emergence of a more “balanced” income profile: reliable, quality earnings from Wholesale activity were complemented by a very strong contribution from Treasury - a reflection of significant investment in people - and a major improvement in Retail performance.
Brand-building & recognition
During the year, Barwa Bank’s elevated profile gained significant recognition both domestically and regionally, a development reflected in both customer acquisition volumes and a number of prestigious industry awards. A highlight was winning the Islamic Business and Finance Awards’ “Best Bank” title - not simply nationally or regionally but on the international stage - a significant achievement and one that all of the team at Barwa Bank are very proud.
The bank continued to build the infrastructure that supports 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 remains committed to the development of its most important asset, human capital, and has achieved 25% Qatarisation at a Group level. As important, the bank continued to attract prominent Qatari banking professionals in a number of key leadership roles driving and executing the Group’s growth strategy.
H.E. Sheikh Mohamad bin Hamad bin Jassim Al Thani, Chairman, Barwa Bank Group commented on the financial results saying: “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 Shari’ah compliant banking services to our clients and add value to our shareholders and the financial sector in Qatar”.