An Iraqi bank announces the adoption of an advanced Swiss system and the distribution of high cash profits
An Iraqi bank announces the adoption of an advanced Swiss system and the distribution of high cash profits
4-14-2024
Baghdad-Mail
The General Authority of the National Bank of Iraq announced the approval of the Board of Directors’ recommendation to increase the bank’s capital from 300 billion Iraqi dinars to 400 billion dinars through the balance of retained earnings and distributing them as free shares to shareholders and working to amend Clause Five of the bank’s articles of incorporation, praising the policies and instructions of the Central Bank of Iraq. Which was distinguished by its “flexibility and rapid response” to economic and political changes, while pointing out the completion of all technical requirements for launching the Swiss T24 system and preparing for the adoption of the anti-money laundering system “IML Sirion”.
The bank said in a statement that, during its annual meeting, the bank’s general assembly approved the distribution of cash dividends to shareholders at a rate of (20%) of the bank’s capital, in addition to the Board of Directors’ report and the financial statements of the National Bank of Iraq for the year 2023 and its future plans, especially those related to financing the opening of 7 branches of the bank. During the current year 2024 from retained earnings.
The Chairman of the Bank’s Board of Directors, Bassem Khalil Al-Salem, explained that “the Central Bank of Iraq’s monetary policies and banking instructions during the year 2023 were characterized by flexibility and rapid response to economic and political changes, which contributed to preserving the pillars of monetary stability and supporting exchange rate stability, which strengthened the role of the Iraqi banking sector and maintained “For its durability, it protected the rights of depositors and shareholders and increased their confidence in the sector.”
Al-Salem pointed out that, “by the end of the year 2023, the National Bank of Iraq achieved distinguished financial performance, after recording net profits after tax of 190 billion Iraqi dinars, compared to 27.5 billion Iraqi dinars during the year 2022, and net interest income increased from 67.6 billion Iraqi dinars.” To 99.8 billion Iraqi dinars, with a growth rate of 46%, and total income increased from 108.1 billion Iraqi dinars to 343.1 billion Iraqi dinars, with a growth rate of 217%,” explaining that “these results reflect the effectiveness of the bank’s business strategy, which focuses on basic banking services, the most important of which are bank loans.” For individuals, large, medium and small companies and trade finance services for large companies.
According to Al-Salem, “The volume of customer deposits increased from 1.5 trillion Iraqi dinars in the year 2022 to 2.9 trillion Iraqi dinars in the year 2023, with a growth rate of 90%, and the total direct credit facilities also increased from 951 billion Iraqi dinars to 1.3 trillion Iraqi dinars, with a growth rate of 38%.” %,” indicating that “this growth came as a result of the expansion of loans granted to the category of employees whose salaries were localized with the bank, in addition to small, medium and large companies.”
Al-Salem pointed out that “the growth of various financial indicators contributed to an increase in the bank’s assets by 65% to reach about 3.9 trillion Iraqi dinars, the highest in the bank’s history,” pointing out that this increase reflects the growth in the volume of banking business, the increase in the bank’s market share, and the strengthening of its ability to provide banking services to its customers.
For his part, the authorized director of the National Bank of Iraq, Ayman Abu Dhaim, said, “The growth in the bank’s business also included a noticeable expansion in its customer base, which reached 210,000 customers in the year 2023, compared to 57,000 customers in the year 2022,” indicating “the expansion as well.” In the ATM network, adding 50 new machines around Iraq, bringing the total number to 190 machines.
Regarding geographical expansion, Abu Dhaim explained, “The bank opened 5 new branches in the year 2023, bringing the total to 31 branches, including one branch in the Kingdom of Saudi Arabia, which provided great added value to Saudi and Iraqi companies by facilitating sending and receiving internal transfers.” Foreign affairs, granting credit facilities, and providing trade financing services.
Abu Dhaim stated, “The National Bank of Iraq opened a number of advanced centers for counting and sorting cash, and a section dedicated to external transfers to ensure the provision of distinguished service to the bank’s customers from large, medium and small companies,” explaining that the bank offers a variety of new products that meet the needs of its customers and enhance their banking experience. In addition to providing custodian services, after obtaining official approvals from both the Securities Commission and the Iraqi Stock Exchange, this service aims to protect Iraqi and foreign investors and provide them with all investment services.
At the level of international cooperation, Abu Dhaim pointed out that “the National Bank of Iraq opened a new account with JP Morgan and increased financial transactions with Citibank, in addition to signing a financing agreement with the US International Finance and Development Corporation ( DFC ),” pointing to “a commitment The bank is keeping pace with the latest technological developments and enhancing information security and the efficiency of banking services, as it worked to complete all the technical requirements to launch the T24 banking system , the best and most modern in the world from the Swiss company Temenos , which was launched at the beginning of 2024. We also made technical preparations to launch a new anti-money laundering management system (AML). Sirion “.
Abu Dhaim stated, “The Iraqi National Installment Company began its work during the year 2023, as it provides car selling services in installments to customers whose salaries have been settled with the National Bank of Iraq.”
Regarding the bank’s future plans, Abu Dhaim confirmed that “the bank will continue to expand its branch network, which will be increased by 7 branches to reach 38 branches by the end of 2024. The ATM network will also be expanded and increased to reach 400 tellers, in addition to focusing on developing and marketing services.” Electronic banking, increasing the bank’s share in financing trade for large companies, expanding the salary localization project and financing small and medium-sized companies, in addition to expanding the attraction of deposits from individuals, companies, and official government institutions, armed with the confidence the bank has gained in the banking sector supported by its financial results and advanced services.”
miliq.news
