Barwa Q3 net profit surges 43pc

22/11/2014 19:28 AST

Qatar-based Barwa Bank has registered a 43 per cent jump in its net profit for the third quarter which hit QR641 million ($176 million) compared to QR447 million ($123 million) for the same period last year.

Qatar’s fastest growing Islamic bank, Barwa said the group’s balance sheet recorded significant growth in most line items, with total assets growing to QR36.6 billion ($10 billion), a 28 per cent increase over the same period in 2013.

The bank witnessed a 31 per cent increase in the group’s financing assets which hit QR22 billion ($6 billion), as well as 30 per cent growth in customer deposits which soared to QR22.1 billion ($6.06 billion).

Commenting on the results, group chairman Sheikh Mohamad bin Hamad bin Jassim Al Thani, said: "In only four years, Barwa Bank Group has managed to increase its market share in the Qatari Islamic banking industry to 15 per cent coupled with a significant increase in customer numbers, both corporate and personal."

"The board of directors, strongly supports the expertise of the group's management and staff which is leading the group to position itself at the forefront of Islamic financial service providers," he added.

Barwa's acting CEO Khalid Yousef Al Subeai said the Group's strategy, focused on across-the-board expansion, service excellence and robust risk management, had improved both the breadth and quality of earnings.

"The impressive growth of the group continues to be associated with progressive improvement in processes and management practices which has led to greater efficiency, improved profitability and increasing returns on our shareholders' investment in the Bank," he added.

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