The Trade Bank of Iraq (TBI) has achieved another consecutive year of expansion and growth with an increase in revenues as well as growth recorded in key financial areas.
According to an audit by Ernst and Young, the bank’s financial statements for the year ending 31 December 2018 revealed strong results for TBI as a result of year-on improvements across important sectors including net operating income, assets held as well as customer deposits and income from interest and commissions.
The bank is making great strides towards reaching its strategic goals both in business and in assisting the ongoing reconstruction of Iraq as it continues to define its reputation as a competent institution with access to global financial networks.
In April 2019, the Deputy Prime Minister of Iraq inaugurated TBI’s first international branch office in Al-'Olayya district of Riyadh. The bank is also considering upgrading its licence in Abu Dhabi to an asset management company from a representative office.
Additionally, the bank is working on expanding into China and plans to open a representative office next year, seeking to lift its revenues from retail banking and international operations to 30 per cent by 2022.
Faisal Al Haimus, the Chairman & President of TBI, said, “While we are happy to celebrate our successes over the last three years, we look forward to using these achievements as a launchpad to even greater things in the year ahead as TBI continues to build a better tomorrow for Iraq.”
The bank plans to launch a fund towards the end of the year focusing on lending to other Iraqi banks for international trade, this follows the launch of financial products and services for retail customers in Iraq such as ‘My Study’ product and the international investment vehicle ‘Dananeer Fund’.
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