Barwa Bank held its Annual General Meeting (AGM) on the 1st June at which the financial results for 2013 were approved.
The Chairman, H.E. Sheikh Mohamad Bin Hamad Bin Jassim Al Thani, gave a detailed report on the Bank's activities and financial results specifically highlighting the results achieved by the Bank in 2013.
Barwa Bank Group recorded strong growth in both its profitability and financial position, with net profit for 2013 up by 46 per cent at QAR 503.9 million compared with QAR 345.2 million in 2012.These results from the Shari'ah compliant banking group demonstrated generation of revenue through more balanced streams and quality based earnings. Business income of the banking group was driven by the quality of the financing portfolio, additionally enhanced by the outstanding performance of the Treasury and Investment Division.
Total assets increased by 33 per cent to reach QAR 33.6 billion, a result of 26 per cent growth in the financing portfolio from QAR 15.3 billion to QR 19.3bn, with customer deposits rising from QAR 14.8 billion to QR 21.2 billion. Earnings-per-share improved from QAR 1.17 to QAR 1.68, in 2013, a 43 per cent improvement. The Bank also reinforced its presence and services in the retail sector through its unique structure and network of branches in Doha. Number of clients exceeded 14 thousand during 2013.