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 4721 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
Make Up for Ever Introduce Two New High Performance Products Within the Aqua Resist Range [8212-Views]
Eid Gift Ideas by The Body Shop UAE [5596-Views]
VIP Drivers Announced for the Jaguar I-pace Etrophy ‘Lockdown Showdown' in Berlin [4153-Views]
Two Emiratis claim GUINNESS WORLD RECORDS titles in July [3809-Views]
Parmigiani Fleurier to participate at first Watches & Wonders -Shanghai' [3202-Views]
The Potential of Colour as a Design Element [2968-Views]
Deema Ajlani | The Eid Edit [2329-Views]
Six of the Best Tech Gifts This Eid [2284-Views]
Save up to AED 25,000 on Pre-Owned Lexus Cars with Al-Futtaim Auto Fest [2087-Views]
PayBy Partners With Lulu to Bring Shoppers Contactless and Secure Payment Solutions [2075-Views]
Siemens Compressors Selected for Gas Reservoir Storage Project with Saudi Aramco [2050-Views]
Ooredoo Qatar and Ericsson reach new heights in 5G [2029-Views]
Safe Start-up of Unit 1 of Barakah Nuclear Energy Plant Successfully Achieved [2025-Views]
Instinctif Partners and Advert One Complete IPO Advisory Role for Amlak International [2009-Views]
Schneider Electric Shows They Are Acting to Build a Green and Inclusive Future for All Thr... [1993-Views]
NYU Abu Dhabi Astrophysicist Investigates the Possibility of Life below the Surface of Mar... [1984-Views]
Make Up for Ever Introduces for the First Time Its New Active Care-in-foundation to Revive... [1968-Views]
Eid Al Adha Gift Guide [1952-Views]
Panasonic Jaguar Racing Head to Berlin for a Lockdown Showdown [1911-Views]
Win Big at Dalma Mall with the ‘Eid Family Shopping Challenge' [1865-Views]
Here's Why A Silicone Cleansing Brush Champions Other Cleansing Tools and Techniques [1865-Views]
“New Law to Position Dubai as World's Commercial and Start-up Hub for Drone Services – FED... [1816-Views]
Lincoln Navigator Earns Top Large Premium SUV APEAL Award for Third Year in a Row [1816-Views]
Startupbootcamp Establishes Headquarters at Dubai International Financial Centre [1788-Views]
Highly Anticipated Sony Alpha 7S III Combines Supreme Imaging Performance with Classic “S”... [1775-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories