Trade Bank of Iraq posts net profit of $556 million for 2019

BAGHDAD — Trade Bank of Iraq (TBI), established in 2003, achieved a robust growth in revenues and in key financial areas during 2019, according to a preliminary report released by the bank for the financial year 2019.

The bank posted a net profit of $556 million in 2019, an increase of 68 percent from 2018, on revenues of $673 million, which grew by 12 percent over the previous year.

Financial unaudited statements for the year ending on Dec. 31, 2019 reveal enhanced financial strength of TBI as a consequence of incessant improvements throughout the year in key sectors, including gross revenue and total assets.

The total assets of TBI grew to $29 billion in 2019 thereby recording an increase of 27 percent as compared to 2018.

Primary results, the resilient earnings and improved asset base have earned TBI multiple awards at the recently held The Banker Awards 2019 in London.

The bank granted loans during 2019 to the tune of $434 million, the 2019 bank’s efforts made to lift the Iraqi economy and social development during the year through loans aggregating $1.9 billion for various Iraqi governmental and public sector projects in energy, industrial, agricultural and commercial sectors, assisting them in achieving further growth of the Iraqi economy.

TBI is currently working on expanding its network domestically and internationally to diversify the sources of revenue from retail banking in Iraq to international operations in order to achieve a 30 percent compounded annual growth rate envisaged in the bank's business plan for 2020-23.

The bank opened its first branch outside Iraq last year in Riyadh, Saudi Arabia, and plans to upgrade its representative office in Abu Dhabi Global Market to enable it to conduct investment management and advisory activities.

Commenting on the performance of the bank, Faisal Al Haimus, chairman and president of Trade Bank of Iraq, said: “Last year has been a good period for TBI and we have continued to support businesses and financial institutions to facilitate growth and expansion across many sectors.

“We have achieved this success through prudent risk management and our aggressive technology-supported expansion strategy.

“We will continue to thrust our technology-driven customer service initiatives in order to ensure more efficient and diverse services to our customers, reduce costs, and improve productivity.

“As part of our strategic plan, we are aiming for bigger retail and international business to achieve a growth rate of 30 percent of our total revenues, year on year basis, in the next three years through new "technology-driven, need-based product offerings and international expansion.

“As TBI moves forward with its 2020-23 strategic plan that will take the bank higher, it will continue to play a pivotal and influential role in Iraq’s ongoing recovery.”

Saudi Gazette Contribution Time: 17-Feb-2020 03:40 (GMT)
Saudi Gazette Last Update Time: 17-Feb-2020 03:40 (GMT)