Total assets exceed QAR 45 billion Net profit reached QAR 729.7 million Board of Directors recommends a 10% cash dividend
Barwa Bank, has announced the results of the Group for the year ended December 31, 2015, which showed a strong performance represented by a 18.3% growth in assets, thereby exceeding QAR 45 billion, driven by a strong growth in the finance portfolio, which reached QAR 28.5 billion at a growth rate of 22.6%, while customer deposits stood at QAR 25.5 billion at a growth rate of 16.5%. The Group recorded a net profit of QAR 729.7 million, with earnings per share (EPS) reaching QAR 2.46.
Commenting on the results, H.E. Sheikh Mohammed bin Hamad bin Jassim Al Thani, Chairman of the Board of Directors of Barwa Bank, said:
"The Group has continued its outstanding performance in 2015, was able to adapt to market fluctuations, and has dealt with all developments with flexibility and professionalism."
Based on the Group's performance for 2015 and its excellent results, the Board of Directors recommended a 10% cash dividend, at QAR 1 per share.
His Excellency added: "I would like to thank the Group's Management and all its staff for their outstanding performance and their dedication to hard work, with the aim of increasing profitability and the growth of shareholder returns."
In this context, Mr. Khalid Yousef Al-Subeai, Acting GCEO of Barwa Bank, said:
"We have been keen in 2015 to expand our client base and the Group’s market share through a competitive business model that focuses on customer service in the first place, and meeting our clients’ needs in innovative ways that strengthen the bank's position as one of the best providers of Islamic banking in Qatar."
The growth in the Group's business and the increase in its funding and investment activities, go in line with maintaining asset quality and risk management policies, with total non-performing assets decreasing to 1.4% from 1.6% in 2014.
Out of the Group Management’s keenness on increasing shareholder returns and dividends, Barwa Bank has worked on controlling and rationalizing the cost base and the adoption of a work structure that is marked by quality, flexibility and efficiency, as the expenses decreased by 7% during 2015.
In the Group Management’s pursuit of boosting investors’ confidence and transparency, in line with best practices, the Bank has received a credit rating from two international rating agencies; A2 from Moody's and A+ from Fitch. This rating is considered one of the highest in the region, reflecting the strength and solvency of the bank as well as its sound policies.
Regarding the bank's commitment to the development of the human capital base, the Group has continued to attract young and promising Qatari talent, as the Qatarization percentage in the Group exceeded 27% for the year 2015.
Barwa Bank Group and its subsidiaries continue to be favored with great regional and international recognition, as they garnered 15 awards during 2014-2015, including three awards at the Middle East level, namely: the ‘Best Internet Banking Brand’, the ‘Best Mobile Banking Brand’, and the ‘Best Banking Services Brand in the Middle East’, In addition to being recognized by CPI financial as the “Best Retail Bank for 2015”. Moreover, the First Investor (TFI), the investment banking division of the Barwa Bank Group, was also awarded the ‘Best Investment Fund’ by the Banker Middle East Product Awards for the year 2014 as well as the Legal Team of the Year - Investment Banking accolade at the IAIR Awards 2015, while First Finance Company was recognized for “Best Personal Finance"
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