10 April 2016
DOHA: Barwa Bank Group recorded a net profit of QR729.7m for the year ended December 2015. The Group's total assets exceeded QR45bn during the period, up 18.3 percent from a year ago. Based on the Group's performance for 2015 and its excellent results, the Board of Directors recommended a 10 percent cash dividend, at QR 1 per share.
Commenting on the financial results, Sheikh Mohammed bin Hamad bin Jassim Al Thani, Chairman of the Board of Directors of Barwa Bank, said: "The Group has continued its outstanding performance in 2015, and was able to adapt to market fluctuations." He thanked 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.
Khalid Yousef Al Subeai, Acting GCEO of Barwa Bank, said: "We have been keen on expanding our client base and the Group's market share through a competitive business model in 2015. We believe that meeting our clients' needs in innovative ways will help 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.
Out of the Group Management's keenness on increasing shareholder returns and dividends, Barwa Bank has worked on controlling and rationalising the cost base and the adoption of a work structure that is marked by quality, flexibility and efficiency, as the expenses decreased by 7 percent during 2015, he said.
In the Group Management's pursuit of boosting investors' confidence and transparency, in line with best practices, the Bank has received a credit rating from two international rating agencies; A2 from Moody's and A+ from Fitch. This rating is considered one of the highest in the region, reflecting the strength and solvency of the bank as well as its sound policies.
Regarding the bank's commitment to the development of the human capital base, the Group has continued to attract young and promising Qatari talent, as the Qatarisation percentage in the Group exceeded 27 percent for the year 2015.
Barwa Bank Group and its subsidiaries continued to be favored with great regional and international recognition, as they garnered 15 awards during 2014-2015, including three awards at the Middle East level: the 'Best Internet Banking Brand', the 'Best Mobile Banking Brand', and the 'Best Banking Services Brand in the Middle East', In addition to being recognised by CPI financial as the "Best Retail Bank for 2015".
The First Investor (TFI), the investment banking division of the Barwa Bank Group, was also awarded the 'Best Investment Fund' by the Banker Middle East Product Awards for the year 2014.
DOHA: Barwa Bank Group recorded a net profit of QR729.7m for the year ended December 2015. The Group's total assets exceeded QR45bn during the period, up 18.3 percent from a year ago. Based on the Group's performance for 2015 and its excellent results, the Board of Directors recommended a 10 percent cash dividend, at QR 1 per share.
Commenting on the financial results, Sheikh Mohammed bin Hamad bin Jassim Al Thani, Chairman of the Board of Directors of Barwa Bank, said: "The Group has continued its outstanding performance in 2015, and was able to adapt to market fluctuations." He thanked 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.
Khalid Yousef Al Subeai, Acting GCEO of Barwa Bank, said: "We have been keen on expanding our client base and the Group's market share through a competitive business model in 2015. We believe that meeting our clients' needs in innovative ways will help 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.
Out of the Group Management's keenness on increasing shareholder returns and dividends, Barwa Bank has worked on controlling and rationalising the cost base and the adoption of a work structure that is marked by quality, flexibility and efficiency, as the expenses decreased by 7 percent during 2015, he said.
In the Group Management's pursuit of boosting investors' confidence and transparency, in line with best practices, the Bank has received a credit rating from two international rating agencies; A2 from Moody's and A+ from Fitch. This rating is considered one of the highest in the region, reflecting the strength and solvency of the bank as well as its sound policies.
Regarding the bank's commitment to the development of the human capital base, the Group has continued to attract young and promising Qatari talent, as the Qatarisation percentage in the Group exceeded 27 percent for the year 2015.
Barwa Bank Group and its subsidiaries continued to be favored with great regional and international recognition, as they garnered 15 awards during 2014-2015, including three awards at the Middle East level: the 'Best Internet Banking Brand', the 'Best Mobile Banking Brand', and the 'Best Banking Services Brand in the Middle East', In addition to being recognised by CPI financial as the "Best Retail Bank for 2015".
The First Investor (TFI), the investment banking division of the Barwa Bank Group, was also awarded the 'Best Investment Fund' by the Banker Middle East Product Awards for the year 2014.
© The Peninsula 2016
