Iraqi government bank achieves unprecedented performance in 2019
Shafaq News / The Iraqi Trade Bank, TBI announced on Sunday exceptional and unprecedented performance indicators for 2019 which witnessed an increase in revenues and significant growth in the bank's main financial rates.
The bank said in a statement received by Shafaq News that it had successfully concluded 2019 with an increase of 12% in revenue over 2018 of $ 673 million with net profits of $ 556 million, to continue the growth and expansion of its banking transactions, registering a noticeable increase of 68% over 2018 , with an increase in the bank’s total assets reaching $ 29 billion, an increase of 27% compared to 2018.
The statement added that TBI supported the Iraqi economy and reconstruction projects, with a total of $ 1.9 billion in loans granted during 2019 to support government institutions and agencies, noting that it directed a large part of its loans to serve and develop government initiatives in upgrading infrastructure and community development.
TBI added that the personal loans granted by the bank increased in 2019 to reach 434 million USD, with a total of 25,290 loans, which contributed to driving the growth of the local economy by supporting Iraqi citizens to establish and develop their personal needs in construction and other purposes.
The bank pointed to the bank’s keenness to provide financial services to different groups of the Iraqi community through geographical expansion and opening multiple branches inside Iraq, which numbered to 26 branches. The bank also expanded externally as it opened the first representative office for the bank in the UAE capital Abu Dhabi and opened its first external branch in the Kingdom of Saudi Arabia as the bank is working on its external expansion to diversify its sources of income and revenues.
The statement added that, since its establishment in 2003, it has been working with the Central Bank of Iraq to develop and improve the educational, cultural, economic and social security level of community members through the provision of various services, and the bank has put forward several initiatives to finance small and medium projects in proportion to all business sectors, asthe Iraqi Trade Bank has acquired On about 80% of commercial financing business in Iraq, and it ranks first among Arab banks in terms of cost-to-income ratio.
The statement quoted Faisal Al-Heims, President of the Iraqi Bank for Trade and Chairman of the Board as saying, "The TBI witnessed an accelerated growth in the financial and investment fields during 2019, and we have an ambitious plan to expand the bank's business locally and internationally with the aim of increasing the percentage of revenues it generates from the banking services for individuals locally as well as from International operations to achieve an annual increase of 30% annually for the bank's revenues according to the work plan for 2020 to 2023, and we see that any achievement the bank achieves is part of the achievements of the Iraqi economy as a whole.
He added "We will continue our initiatives to develop banking technology and enhance customer service to improve the experience of our customers and reduce costs. We also strive to encourage and secure foreign investment, and to promote investment in the Iraqi interior and provide its services as a reliable option for investors."
