Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Trade Bank of Iraq Continues Strong Growth and Posts Net Profit of Usd 556 Million for 2019
 

Baghdad, Iraq, 16 February 2020: Trade Bank of Iraq (TBI), established in 2003, achieved a robust growth in revenues and in key financial areas during 2019, for another consecutive year with its consistent performance, preliminary report released by the bank for the financial year during 31st December 2019.

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

Financial unaudited statements for the year ending 31st December 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 USD 29 billion in 2019 thereby recording an increase of 27% As a preliminary comparison 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 USD 434 million, the 2019 bank’s efforts made to lift the Iraqi economy and social development during the year through loans aggregating USD 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 & Internationally to diversify the sources of revenue from retail banking in Iraq to international operations in order to achieve a 30% 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, KSA and plans to upgrade its representative office in Abu Dhabi Global Market to enable it to conduct investment management and advisory activities.

Faisal Al Haimus, Chairman & 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% 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.”


Posted by : Dubai PR Network Editorial Team
Viewed 7003 times
PR Category : Banking & Investments
Posted on : Monday, February 17, 2020  9:11:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : National Bank of Yemen Announces Successful Go-Live of ICS B...
Next Story : ICSFS' Managing Director, Robert Hazboun, Acknowledged for h...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Aesop's Parsley Seed Essentials - Your New Skincare Routine Favourites [4436-Views]
Standard Chartered Global Focus Q3 2021: Navigating a Vulnerable Recovery [4309-Views]
British-Born MG Motor Gains in Popularity during the first half of 2021 in the Middle East [3678-Views]
Herman Miller and Knoll Announce New Name: MillerKnoll [3579-Views]
Sunsets to Remember @ OSH with 50% off! [3579-Views]
You Know About the Diamond 4cs, but There Is Another ‘c' You Should Know About — Certifica... [3440-Views]
Samsung Announces Exclusive Odyssey G9 Curved offer for UAE Consumers through the Brand's ... [2997-Views]
Time with Michael Phelps [2919-Views]
Sony Middle East & Africa Introduces the New Interchangeable-Lens Camera Alpha ZV-E10 for ... [2915-Views]
FW 21 WEEKEND / MAX MARA [2862-Views]
Al Fardan Exchange Joins Forces With Empay's Contactless Ecosystem in Landmark Deal to Pro... [2825-Views]
MAX&Co. FW21 [2743-Views]
Back to the Office with CATRICE [2710-Views]
Dubai-Based King Group Hospitality Expands Portfolio that will Boost UAE's Dh55 bn Foodser... [2640-Views]
SEHA Introduces Specialized Saturday Clinics Across the Network [2530-Views]
ADU Welcomes more than 50 High School Students to the “ESTEDAD” Enrichment Bootcamps [2501-Views]
Zoho to make Zoho Invoice Free of Charge to Empower SMEs to Rebuild and Grow [2472-Views]
ABB to Present Sustainable Solutions at Dubai EXPO 2020 [2374-Views]
Jaguar Racing ‘Clones' Takeover Iconic London Underground Ahead of Heineken London E-prix [2341-Views]
Thought Series – The “True Knowing” and “Genuinely Being” Syndrome [2341-Views]
Live from BMW Welt: The Esports Industry Assembles Virtually at BMW Esports Boost – Premie... [2329-Views]
11th Edition of SIAL Middle East and Abu Dhabi International Date Palm Exhibition to begin... [2316-Views]
Empower Awards Construction Contract Worth AED 133 Million for its 32,000 RT District Cool... [2259-Views]
Emirates Integrated Telecommunications Company Reports Q2 2021 results [2120-Views]
Push Start! - OMEGA [2050-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories