GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

Baghdad / Abu Dhabi,  31 March 2020:  Trade Bank of Iraq (TBI) has announced a new capital increase that aims to raise the bank's financial strength in line with the new strategic vision for 2020-23. 


The bank has increased its capital to USD 3 billion (3.5 Trillion Iraqi Dinar) for the year 2020 from USD 2.3 billion (2.7 Trillion Iraqi Dinar) in 2019.  
The step has been taken with the approval of the Prime Minster of Iraq on the back of TBI's promising 2019 financial results audited by E&Y Ernst & Young. The increased capital is aimed at reinforcing the bank's status in Iraq and its position as a leading Iraqi bank with global reach.


TBI achieved a robust growth in revenues and in key financial areas during the financial year 2019. The financial results shows that TBI achieved revenues of USD 708 million (837 billion Iraqi Dinar), which grew by 12% over 2018, and a net profit of USD 556 million (657 billion Iraqi dinars) in 2019, an increase of 68% from the previous year. 


The total assets of TBI grew to USD 29 billion (34 trillion Iraqi Dinar) in 2019 thereby recording an increase of 27% in comparison to 2018.
Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, said: “The capital increase is a significant step forward on the path to creating a stronger bank which will reinforce our ability to execute the strategic plan for the coming three years to increase the banks revenues and profits.”


The capital increase, the largest in the history of the TBI since its establishment in 2003, solidifies TBI's leadership on development financing for the country and help continue to play a pivotal and influential role in Iraq's ongoing recovery.


Faisal added: “We have accomplished a lot in the recent years but we are aware that we have still a long way to go. Our objective is to help increase the quality of life for the people of Iraq which is the essence of the social responsibility towards the Iraqi people. “


Based on the Approval of the Prime Minister of Iraq, TBI also successfully transferred 20% of the bank's profits for the year 2019 amounting to 111 million US dollars (131 billion Iraqi dinars) to the state's treasury.

he 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 arranging  and advisory activities.

 



Posted by : GoDubai Editorial Team
Viewed 5219 times
Posted on : Tuesday, March 31, 2020  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Saxo Bank Q2 Outlook: Commodities Look to Fiscal Bazooka for Support
Next Story : COT: Commodities See Demand for Metals and Agriculture
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Lockdown Showdown: Jaguar I-pace Etrophy Series to Get Back on Track in Berlin i...
Three Eggs get Yemeni National a Guinness World Records Title
Omega's Antimagnetic Tourbillon Is a Watchmaking Breakthrough
Lamborghini SCV12: Squadra Corse Hypercar Ready to Hit the Track
The new BMW M5 and BMW M5 Competition
Toric Tourbillon Slate
GROHE Smart Control Review
Twitter tests Tweeting with Voice
Saxo Bank Launches Loyalty Program for MENA Region Clients
Hyundai Motor and Sony Pictures Entertainment Announce Unique and Pioneering Mul...
American Aesthetic Medical Center Has Something in Store for the Esthetical Figu...
WTTC Launches Safe Travels Protocols for Attractions, Car Hire and Short-Term Rental
NUDESTIX Launches - Nudies Blush, Bronze, and Glow Shade Extension
Volvo Cars Chengdu Car Plant Powered by 100 Per Cent Renewable Electricity
Range Rover Marks 50 Years of All-terrain Innovation and Luxury With Exclusive N...
Under-12 and Over-60 Can Now Take Part in Sports Activities: Dubai Sports Council
Dabur Ensures Safety with Hand Sanitizers and Personal Protection Kits as UAE Es...
Let's Brigthen Up! The Face Shop's Ultimate Summer Skincare Range From Belif is Here!
Handy Helper for Content Creators: The Compact A6100 Mirrorless Camera from Sony...
Pre-orders for Samsung's Galaxy S20+ 5G and Galaxy Buds+ BTS Edition now open in...
Experts Highlight need for Young Talent to Develop Skills for a Post-Covid-19 World
Dabur Launches Pure Organic Coconut Oil: Natural Protection for Hair, Skin, and ...
GEMS Wellington Academy – Al Khail Improves Rating to 'Very Good' in KHDA DSIB 2...
Etihad Airways to Recommence Flights to Athens
Dubai Sees Pronounced Uptick in Demand for Retail Units
Book Building of Amlak International's IPO of 30% of Shares
Sanctuary for the Senses: All-New Lincoln Corsair Arrives with Whisper-Quiet, Co...
Essence Spring/Summer 2020 Collection
Registration Opens for Training On the Camel Trek and Camel Marathon for Expats
Covid-19 Leads UAE Businesses to Adopt Upgraded Green Building Solutions
Dubai Sports Council Discuss Upcoming Sports Events With Federations and Organisers
Dubai Sports Council to Celebrate Dubai's COVID-19 Heroes Through Commemorative ...
Turkish Airlines Was the Busiest Operator in the Eurocontrol Area After Restarti...
Celebrate Father's Day With Parmigiani Fleurier Tondagraph Slate'
INFINITI of Arabian Automobiles presents Dubai Islamic Bank customers Super Sale...
Crude Oil Headwinds on Virus and Technicals
Customers can Benefit from Increasing Gold Rate by just Paying 10% Advance at Ma...
Canadian University Dubai Receives Prestigious Certification in Education for Pu...
Report Reveals the Six Fintech Innovations That Will Boost the ‘Financial Health...
Serco Middle East Appoints New Managing Director for Dubai Metro and Dubai Tram
Big Bang Integral King Gold
Pan Emirates Unveils Exclusive New Collection
Digital Vision Technology Signals On-Track Success for Panasonic Jaguar Racing
Schneider Electric Extends Strategic Partnerships with AVEVA, Lenovo and Stratus...
Celebrate World Music Day with HONOR Magic Earbuds
The 11th Edition of the Arab Fashion Week to Launch Virtually Today, from June 2...
New Bentayga to Launch Beyond100
Cairo Amman Bank Adopts the Latest Technology to Enhance Performance and Securit...
Celebrate Summer Safely with the New, Shopping Normal at BurJuman
Registration open for Dubai Watersports Summer Week