Iraq- IMEIB achieves IQD21.6bn net profit in 2011 

(MENAFN - Arab News) The Iraqi Middle East Investment Bank (IMEIB) has announced its financial results for the year ended Dec. 31, 2011. The bank achieved a net profit of Iraqi dinar IQD21.6 billion in 2011.

As at the end of 2011, the total cash in hand and at bank was IQD369.7 billion, compared to IQD 343.9 billion in 2010. The monetary credit amounted to IQD 190.7 billion in 2011, compared to IQD142.6 billion in 2010. The fixed assets of the bank saw a 13 percent increase at the end of 2011 compared to the previous year, standing at IQD66.4 billion.

The total revenue for the period ending Dec. 31, 2011 was IQD47.6 billion, marking a 44.7 percent increase over the corresponding period in 2010. The operations expenses and administrative expenses as of end of 2011 amounted to IQD12.10 billion and IQD12.07 billion respectively.

The impressive financial performance of the bank is stated to be a reaffirmation of its strong fundamentals and reflects prudent and efficient management especially given the current economic climate in the region. The bank is confident of carrying forward this momentum to 2012, which is expected to be another exciting and rewarding year for IMEIB.

The IMEIB is a private shareholding company established in 1993 originally with a capital of IQD 400 million. It was among the first group of private banks in Iraq following the relaxation of restrictions on private bank operations in the late 80's. The bank's customer base and trust grew rapidly over the years which helped raise IMEIB's capital to its current level of IQD 100 billion fully paid despite years of turmoil in the country. IMEIB has plans to raise its capital to IQD 250 billion by the year 2013.