Iraqi Trade Bank announces “an unprecedented achievement”

Iraqi Trade Bank announces “an unprecedented achievement”

2/17/2020 10:00 AM

Iraqi Trade Bank announces an unprecedented achievement{Baghdad: Al Furat News} The Iraqi Trade Bank, TBI, announced today, exceptional and unprecedented performance indicators for the year 2019, which witnessed an increase in revenues and significant growth in the bank’s main financial rates.
A statement by him said, “The Furat News Agency received a copy of it” that the Iraqi Trade Bank concluded successfully in 2019 with an increase of 12% in revenues for the year 2018 with a value of US $ 673 million, and with net profits amounted to US $ 556 million, to continue the growth and expansion of its banking transactions recorded A noticeable increase of 68% over the year 2018, achieving a remarkable achievement, especially with the preliminary financial statements revealed for the year ending December 31, 2019, an increase in the total assets of the bank that reached $ 29 billion, an increase of 27% compared to 2018. .

These impressive results led to the bank receiving numerous awards during the year, including the GB Morgan Excellence Award, and three awards for excellence within the 2019 Banker Awards ceremony held recently in London.

And with its accelerated achievements, the Iraqi Bank of Trade is the main engine for development in the Iraqi economy, especially with the bank’s efforts to support the Iraqi economy and its participation in reconstruction projects, with a total of $ 1.9 billion in loans granted during 2019 to support institutions and government agencies, the social responsibility and the national role of the bank An essential part of his plans and his vision of sustainability during 2019, and his projects touch on many areas, including health, education, agriculture, electricity and infrastructure, the lives of millions of Iraqi citizens.

The bank has directed a large part of its loans to serve and develop government initiatives in infrastructure and community development.

For example, during the year 2019, the bank granted a loan to the Ministry of Electricity in the amount of $ 452 million (535 billion Iraqi dinars) allocated from the Iraqi Bank to support efforts to develop the energy sector and raise the level of services provided to the Iraqi citizen.

In the same year, the bank arranged a loan for the General Company for Grain Trade, affiliated to the Ministry of Trade, which amounted to 1.4 trillion and four hundred billion Iraqi dinars, equivalent to 1.2 billion two hundred million US dollars, with the aim of paying the Iraqi farmers ’dues for the year 2019 from wheat and wheat crops, and the Ministry of Agriculture lending 300 billion Iraqi dinars The equivalent of 254 million US dollars to pay farmers’ dues for the barley crop.

The personal loans granted by the bank increased in 2019 to 434 million USD, with a total of 25,290 loans, which contributed to driving the growth of the local economy by supporting Iraqi citizens to establish and develop their personal needs in construction and other purposes.

In the context of financial inclusion, the bank was keen to provide financial services to different groups of the Iraqi society through geographical expansion and the opening of multiple branches inside Iraq, the number of which reached 26, and the bank expanded externally as it opened the first representative office for the bank in the UAE capital Abu Dhabi and opened its first external branch In the Kingdom of Saudi Arabia, the bank is working on its external expansion to diversify its income sources and revenues.

Since its establishment in 2003, the Trade Bank of Iraq has been working with the Central Bank of Iraq to develop and improve the educational, cultural, economic and social security level of community members through the provision of various services. The Bank has put forward several initiatives to finance small and medium projects in proportion to all business sectors. Trade on about 80% of commercial financing business in Iraq, and is ranked first among Arab banks in terms of cost-to-income ratio.

Faisal Al-Heims, President of the Iraqi Bank for Trade and Chairman of the Board of Directors said: “The Iraqi Trade Bank witnessed an exponential growth in the financial and investment fields during the year 2019, and we have an ambitious plan to expand the bank’s business locally and internationally with the aim of increasing the percentage of revenues it generates from banking services for individuals locally as well as from international operations. To achieve an annual increase of 30% annually for the bank’s revenues according to the work plan for the years from 2020 to 2023, and we see that any achievement the bank achieves is part of the achievements of the Iraqi economy as a whole.

He added: “We will continue to push our initiatives to develop banking technology and enhance customer service to improve the experience of our customers and reduce costs. We also strive to encourage and secure foreign investment, and to promote investment in the Iraqi interior and provide its services as a reliable option for investors.”

And during the year 2019, the Trade Bank of Iraq won the title of “the safest bank in Iraq” by Global Finance magazine in an exclusive survey conducted by the famous magazine as part of its annual classification of the best banks in the world.

The Iraqi Trade Bank was established in 2003 and is the first bank in the country, and it accounts for about 80% of commercial financing business in Iraq, and ranks first among Arab banks in terms of cost-to-income ratio and 332 globally in terms of first-class capital.

The bank has established 25 branches across Iraq, providing a wide range of banking services to all customers, including companies, individuals, and government institutions, and as part of its ongoing endeavors to expand its customer base and expand into new markets.