(MENAFN- The Peninsula) Barwa Bank's net profit surged 41.5 percent to QR713m in 2014 compared to previous year. Bank's total assets grew by 14 percent reaching QR38bn, driven mainly by strong growth in the bank's financing portfolio which grew from QR19.3bn to QR23bn, an increase of 19 percent over 2013. Based on the outstanding performance and excellent results, the board recommended a 10 percent cash dividend to shareholders.
Customer deposits stood at QR21.9bn at the end of the year from QR21.2bn in the 2013, representing a 3 percent increase. Earnings per share (EPS) were at QR2.40 for 2014, 43 percent higher than the previous year.
"2014 was another outstanding year for the bank, with growth continuing unabated across all segments and subsidiaries. This strong performance would have not have been possible without the exceptional leadership, foresight, and fortitude of everyone at Barwa Bank," said Sheikh Mohammad bin Hamad bin Jassim Al Thani, Chairman of Barwa Bank. "I would also like to welcome our new major shareholder the General Retirement and Social Insurance Authority, who will prove to be a valuable asset to the bank as we continue with our growth trajectory and delivering innovative Shari'ah compliant financial services in line with our strategic goals and the aspirations of the Qatar National Vision 2030."
"We are proud of our achievements in 2014, where we maintained the title of fastest growing bank from a net income perspective. We continue to improve our service offering to our loyal clients through a full range of Shari'ah compliant commercial banking services at Barwa Bank, investment banking services through wholly-owned subsidiary The First Investor, and specialised leasing and consumer finance through subsidiaries First Leasing Company and First Finance Company, puts the bank in a unique position to offer a 'one stop shop' service to customers," said Khalid Yousef Al Subeai, Acting Group CEO, Barwa Bank.
Barwa Bank continued increasing its footprint within Qatar, with the opening of its seventh branch in the prestigious Medina Centrale at The Pearl-Qatar. In addition, digital innovation took to the forefront in 2014 with both the mobile and Internet banking platforms revamped to offer even more convenient services to customers.
Barwa Bank's expertise continued to be sought after, with the corporate team's involvement in major sukuk issuances in 2014.
"Barwa Bank remains committed to the development of its most important asset, human capital, and has achieved 25 percent Qatarisation at a Group level," said Al Subeai. "The Bank further cemented its commitment to Qatarisation efforts by establishing a dedicated Qatarisation department within HR with the responsibility to identify, attract, and develop Qatari banking professionals," he said.
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