Barwa Bank posts QR729.7m net profit

Barwa Bank, has shown a strong performance represented by a 18.3 percent growth in assets, thereby exceeding QR45 billion, driven by a strong growth in the finance portfolio, which reached QR28.5 billion at a growth rate of 22.6 percent, while customer deposits stood at QR25.5 billion at a growth rate of 16.5 percent.
The group, which announced the results for the year ended Dec. 31, 2015, recorded a net profit of QR729.7 million, with earnings per share (EPS) reaching QR2.46.
Sheikh Mohammed bin Hamad bin Jassim Al-Thani, chairman of the board of directors of Barwa Bank, said: "The group, which continued its outstanding performance in 2015, was able to adapt to market fluctuations and has dealt with all developments with flexibility and professionalism."
Based on the group's performance for 2015 and its excellent results, the board of directors recommended a 10 percent cash dividend at QR1 per share.
He added: "I would like to thank the group's management and all its staff for their outstanding performance and their dedication to hard work, with the aim of increasing profitability and the growth of shareholder returns."
In this context, Khalid Yousef Al-Subeai, acting GCEO of Barwa Bank, 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 percent from 1.6 percent in 2014.