Focussed business model and prudent risk management to support growth strategy
Doha – 16 November, 2013: Barwa Bank, Qatar's fastest growing Shari'ah compliant banking service provider has announced its financial results for the period ended September 30, 2013.
Net income was QAR 442 mn for the 9 months period ended September 30, 2013, up from QAR 279 mn in the same period of last year, a 60% improvement, year-on-year.
Total income increased by 26% to QAR1.1bn for the 9 months of 2013 compared with QAR 855 mn same period in 2012, with earnings per share rising to QAR 1.49 compared with 94 dirhams for the same period last year.
H.E. Sheikh Mohamad bin Hamad bin Jassim Al Thani, Chairman, Barwa Bank Group commented, "The good financial performance for the 9 months of the year is very encouraging and further builds on the earnings momentum we achieved last year. We look forward to further growth, our continuing contribution to the development of the Qatari economy and Shari'ah compliant financial services, as well as creating value for our customers and shareholders."
Highlights of the nine month period have been major business wins associated with significant infrastructural projects as well as the highly selective expansion of the Barwa Bank branch network and extended working hours in some branches, offering additional convenience for the Bank's growing retail customer base.
In the Islamic Capital Markets, Barwa Bank continued to expand its activities in this strategic growth sector. During 2013, Barwa Bank has acted as Joint Lead Manager for Albaraka Turk Bank's US$200m Tier 2 Sukuk and as Co-Lead Manager for the Government of Dubai, Emirates Airlines and Dubai Islamic Bank sukuk issuances.
The growth in net income and earnings per share comes as a result of the prudent risk management and the well-defined business model at the heart of the bank's growth strategy.
Steve Troop, CEO, Barwa Bank added, "By identifying and focusing on strategic growth sectors, crafting niche propositions for our customers and keeping a close eye on costs, we continue to achieve good financial results and value for our shareholders. We will continue to improve and enhance this business model to achieve better results in the months and years ahead".