Barwa Bank Group said it will spare no effort to gain the largest possible share of financing infrastructure projects in the country. Barwa Bank chairman Sheikh Mohamed bin Hamad bin Jassim al-Thani said due to the national economy’s provision of promising opportunities, the bank will provide all possible support to the growth of the country’s economy. The group recorded strong growth in each of the financial position and profits, as net profit for 2016 rose to QR738.8mn and earnings per share reached QR2.49. The growth in the group’s business and the increase in its investment activities go in line with maintaining asset quality and risk management policies with total non-performing loans accounting for just 1.5% of the net financing portfolio.
Barwa Bank has elected its new nine-member board of directors (for 2013-2015) with Sheikh Mohamed bin Hamad bin Jassim al-Thani as chairman and managing director. The other members on the board are Abdulaziz Mohamed Hamad Almana (vice chairman); Mohamed Esmail Ali al-Emadi; Abdulla Abdulaziz Abdulla al-Subaie; Mohamed Ebrahim Mohammad al-Sulaiti; Aisha Mohamed al-Noaimi; Sultan Yousef al-Sulaiti; Jamal Abdul Rahman al-Musalmani and Nasser Hamad Ali al-Sulaiti (all board members). The board of directors also appointed Talal Ahmed Abdulla al-Khaja as a secretary to the board, which will meet at least six times a year and ad hoc as required.
Barwa Bank Group (BBG) recently held its “Business Excellence” awards ceremony to honour the group’s best performers. The awards have been established to recognise the effort and contribution of employees and to motivate and inspire the team. The initiative is part of a commitment to training and development by the bank management to empower staff and ensure that Barwa Bank Group continues to be a major contributor to the financial services sector in Qatar and the region.
Barwa Bank’s launched capital will rise to QR3bn from QR1.9bn following shareholder authorization for a rights issue.
Sheikh Mohamed bin Hamad bin Jassim al-Thani explained that the additional capital comes from the fact that they want to demonstrate a high level of financial strength, both in their domestic market and abroad. He added that additional capital allows us to supply for the needs of Qatar’s largest companies, that being an important consideration as they move onto the development and construction programmes outlined in Qatar National Vision 2030.