Barwa Bank, a Shari'ah compliant services provider in Qatar, has recorded a full year net profit of QR729.7 million ($200.2 million) in 2015 compared to the year before, with earnings per share (EPS) reaching QR2.46.
Announcing the results of the group for the year ended December 31, 2015, Barwa said it showed a strong performance represented by a 18.3 per cent growth in assets, thereby exceeding QR45 billion.
It was mainly driven by a strong growth in the finance portfolio, which reached QR28.5 billion at a growth rate of 22.6 per cent, while customer deposits stood at QR25.5 billion at a growth rate of 16.5 per cent.
Commenting on the results, Sheikh Mohammed bin Hamad bin Jassim Al Thani, the chairman of the board of directors of Barwa Bank, said:
"The group has 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 has recommended a 10 per cent cash dividend, at QR1 per share," he added.
Khalid Yousef Al-Subeai, the acting group CEO 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 per cent from 1.6 per cent in 2014, he added.-TradeArabia News Service
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