APRIL 21ST, 2020
Baghdad - The New Morning:
The Iraqi Trade Bank (TBI) announced a new increase in its capital, adding to it more strength in line with its strategic vision for the years 2020-2023.
The Iraqi Trade Bank increased its capital from $ 2.3 billion (2.7 trillion Iraqi dinars) to $ 3 billion (3.5 trillion Iraqi dinars) in light of its business results for the year 2019 after its audit by international auditing company Ernst & Young (E&Y) and based on the approval of the state Iraqi Prime Minister.
Note that the Trade Bank of Iraq had achieved significant growth in its revenues for the financial year ending December 31, 2019, reaching $ 708 million (837 billion Iraqi dinars), an increase of 12% over the previous year, and with a net profit of $ 556 million (657 billion Iraqi dinars) ), An increase of 68% over the previous year.
The bank also achieved total growth in its assets, which amounted to 29 billion dollars (34 trillion Iraqi dinars), an increase of 27% over the previous year.
On this occasion, Faisal Al-Heims, President of the Iraqi Bank for Trade and Chairman of the Board of Directors, stated: “The increase in the capital that we announced today is an important step to strengthen the bank’s financial base that will enhance our ability to implement our strategic plan for the next three years and increase our revenues and profits.”
This increase in the bank’s capital is the largest in its history since its establishment in the year 2003.
This has been added by Faisal Al-Heims: «We have made many achievements in recent years, however the road ahead is long, because our ultimate goal is to improve the state of Iraqi society and advance it, Which undoubtedly forms the core of our social responsibility that we are constantly working for. ”
In the same context, the Iraqi Trade Bank transferred 20% of its profits for the year 2019, equivalent to 111 million dollars (131 billion Iraqi dinars), to the state treasury according to the approval of the Prime Minister of Iraq.
It is worth noting that the Iraqi Trade Bank opened its first branch outside Iraq in the previous year 2019 in the city of Riyadh in the Kingdom of Saudi Arabia, and also plans to upgrade its representative office in the United Arab Emirates / Abu Dhabi Global Market to enable it to carry out consultations and manage investments.
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