Doha – Mubasher: Barwa Bank Group on Monday reported a profit increase to QAR 738.8 million during the fiscal year ended 31 December 2016.
Earnings per share (EPS) rose to QAR 2.49 in 2016.
the company's financial portfolio increased 4.5% to QAR 29.8 billion, while total assets grew 2% to QAR 46.0 billion, and customer deposits jumped 17.7% to QAR 29.9 billion, Barwa’s financial statements showed.
These increases were mainly due to the diversification of income sources, growing the customer base, and reducing the expenses in 2016 by 5.6%, the bank’s chief executive Khalid Al Subeai said.
The bank’s board recommended the distribution of 13.5% cash dividends to shareholders, amounting to QAR 1.35 per share, the bank said.
The shareholders’ general assembly is scheduled to take place on 27 February to approve the board’s recommendation and set the bank’s financial plans.
