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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The Bank of Baghdad doubles the annual return rate to 6.5% in the first nine months of the current y

    Rocky
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    • Post n°1

    The Bank of Baghdad doubles the annual return rate to 6.5% in the first nine months of the current y Empty The Bank of Baghdad doubles the annual return rate to 6.5% in the first nine months of the current y

    Post by Rocky Tue 05 Dec 2023, 7:00 am

    The Bank of Baghdad doubles the annual return rate to 6.5% in the first nine months of the current year

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    Economy News - Baghdad
    Significant growth in net profits of 46% quarter-on-quarter in Q3 2023 with a general expansion in current operating surplus, particularly in net commissions and net foreign exchange income.
    Net profit rose 46% q-o-q (+213% y-o-y) in Q3 2023, reaching IQD 46.2 billion ($35.0 million) driven by overall growth in operating income, mostly from net commissions and net currency income. Foreign.
    It recorded the seventh consecutive net profit growth on a quarterly basis in the third quarter of 2023.
    Net commission income saw steady growth of 32% QoQ (+152% YoY) to reach IQD 37.3 billion ($28.2 million) largely driven by the increase in bank transfer commissions.
    Net foreign exchange income more than doubled and recorded an increase of 108% q-o-q (+170% y-o-y) to reach IQD 14.0 billion ($10.6 million) in the third quarter of 2023, mainly due to growth in currency trade. Foreign.
    While the outstanding growth in total assets in the third quarter of 2023 was driven by growth in customer deposits and property rights. Leading to strong growth in cash and balances
     Total assets recorded a remarkable growth of 24% on a quarterly basis at the end of the ninth month of 2023, reaching 2,469.5 billion Iraqi dinars ($1,870.8 million), mainly due to growth in customer deposits and equity.
    Customer deposits saw a significant increase of 33% quarter-on-quarter (+46% year-to-date), reaching IQD 1,915.3 billion ($1,451.0 million) due to the expansion of corporate current and demand accounts.
    Equity increased by 12% quarter-on-quarter (+24% year-to-date) to reach 433.7 billion Iraqi dinars ($328.6 million) at the end of the ninth month of 2023.
    The increase in sources of funds coupled with the non-renewal of financial investments led to strong growth in cash and balances.
    Net direct credit facilities decreased by 2% on a quarterly basis (-30% year-to-date) to reach 62.8 billion Iraqi dinars ($47.6 million) at the end of the ninth month of 2023, which represents only a 2.5% share of Assets.
     
    While the Bank of Baghdad recorded the highest return on average assets and the second highest return on average equity in the first nine months of 2023 among the banks listed on the Iraq Stock Exchange.
    The bank doubled the annual return on average assets from 2.9% in the first nine months of 2022 to 6.5% in the first nine months of 2023.
    The annual return on average equity rose significantly from 14.2% in the first nine months of 2022 to 35.0% in the first nine months of 2023.
     Last General Assembly meeting: Increase of paid-up capital in accordance with the provisions of Article 55/II by 20%, distribution of dividends of 0.075 Iraqi dinars (2.0% return).
    At the last General Assembly meeting held on November 22, 2023, the Bank decided to increase the paid-up capital from 250.0 billion Iraqi dinars to 300.0 billion Iraqi dinars in accordance with the provisions of Article 55/II by 20% and to distribute cash dividends of 0.075 Iraqi dinars per share, equivalent to 2.0% profit return. Trading in Bank of Baghdad shares resumed on December 4.


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