Barwa Bank Group discloses its financial statement for the second quarter of 2020
Net profit rises by 12.5%
Doha – Qatar, 06 September 2020- Barwa Bank Group disclosed its financial statements for the second quarter ending 30th June 2020, where the Group has recorded a net income of QAR 529 million as compared to QAR 470 million this time last year, representing a growth of 12.5%.
The bank accounts for the pandemic (COVID-19) effect in its financial report, in line with International standards and in accordance with Qatar Central Bank (QCB) rules.
The results showed that the Group continues its positive performance with the total income standing at QAR 1.8 billion compared to QAR 1.4 billion in the same period last year, a growth of 22%. The results are testament to Barwa Bank’s resilience and flexibility in adapting to constantly changing market conditions and continuing to serve the ever-changing needs of its large customer base.
Barwa Bank Group’s total assets are now recorded at QAR 75.4 billion, a positive performance which can be attributed to its business model which focuses on diversity, constant innovation in products and services, and striving for ways to improve the experience for customers continues as its greatest driver for growth. Moreover, the cost-to-income ratio is down to 31.8% from 37.7%, a positive indication of the realization of the merger synergies and the cost control actions undertaken by the bank’s management.
Barwa Bank Group remains steadfast on its mission to strengthen its position in Qatar’s financial sector. The Group is committed to supporting the national economy, working towards achieving the strategic goals envisioned by His Highness Sheikh Tamim Bin Hamad Al Thani, the Amir of the State of Qatar in the 2030 Qatar National Vision.
Barwa Bank’s wide-ranging banking solutions to satisfy clients in Qatar are built on forward-thinking strategies, positioning it as one of the leaders in the banking industry. The bank has reputed itself as the country’s most progressive Shari’ah-compliant service provider, offering a diverse spectrum of award-winning banking products and services.