DOHA: Barwa Bank, having achieved net profits of QR24.9m in 2010, up a staggering 703 percent over the previous year, has said it has begun procedures to be listed on Qatar Exchange. The bank said it hoped to be a publicly-traded entity this year.
"We have started the formalities for the listing and expect the procedures to be completed in 2011," the bank said in a statement yesterday.
Barwa Bank held its Annual General Meeting (AGM) on May 11 to discuss its performance in 2010. The bank's financial results for 2010 were tabled before the shareholders and they approved them.
Sheikh Mohamad bin Hamad bin Jassim Al Thani, Chairman of Barwa Bank, presided over the AGM and talked in detail about the bank's 2010 results. Barwa Bank achieved a growth in net profits at 703 percent in 2010, posting QR24.9m in net profits compared to QR3.1m in 2009.
Sheikh Mohamad, commenting on the performance of the bank, said: "Barwa Bank started its operations during the difficulties that followed the world financial crisis, which caused major banks and financial institutions around the world to collapse, yet the bank managed to avoid the adverse consequences of the crisis".
"Barwa Bank entered a highly competitive financial market in Qatar and managed in a short time to establish itself among the major institutions, thanks to its clear strategic vision and the commitment of the executive management to the values of innovation and quality in execution."
"Consistent with our strategy to grow our customer base and become one of the pioneering Sharia'h compliant financial groups in the region and the world, the bank acquired First Finance and First Leasing companies, (following the 2009 acquisition of The First Investor Company), to be all consolidated under Barwa Bank Group, which helped support the financial position of the bank, increase assets and grow market share," said Sheikh Mohamad.
In 2010, the bank launched a set of new Shari'ah compliant products and services, as well as developing the existing offering. E-banking services were among the most important achievements through SMS and Internet banking, call center and ATM network.
The bank launched some notable retail and corporate finance products. Among these were the home finance offer, car finance and personal finance.
It established "Business Banking Unit" to cater to the SME sector through a comprehensive range of Shari'ah compliant products and services aimed at supporting SMEs in line with the Qatar National Vision 2030
At the regional level, the bank won "Best Retail Marketing Campaign" in April 2010 from "Banker Middle East Products Awards 2010" for its promotional campaign "111" for personal and car finance. In June, Barwa Bank received the recognition of the banking industry in the Middle East through the "Best New Bank" award from "Banker's Middle East Banks awards 2010", the bank statement said.
© The Peninsula 2011
