Doha – Mubasher: Barwa Bank disclosed its financial results for 2014 and reported a strong growth across all its segments. Net profit reached QAR 713 million ($195.7 million), rising 41.5% compared to figures from 2013.

Moreover, total assets grew by 14% to QAR 38 billion, backed by strong growth in the bank’s financing portfolio, which increased by 19% from QAR 19.3 billion in 2013 to QAR 23 billion in 2014.

Customer deposits rose 3% to QAR 21.9 billion by the end of 2014, up from QAR 21.2 billion in 2013.

Earnings per share (EPS) reached QAR 2.40 in 2014, 43% higher than the previous year.

Commenting on the Qatari bank’s positive financials, Barwa Bank board chairman

Sheikh Mohammad bin Hamad bin Jassim Al-Thani said “2014 was another outstanding year for the bank, with growth continuing unabated across all segments and subsidiaries.”

Al-Thani welcomed a new major shareholder to the Group, namely the General Retirement and Social Insurance Authority, who “will prove to be a valuable asset to the Bank as we continue with our growth trajectory and delivering innovative Shari’ah compliant financial services in line with our strategic goals and the aspirations of the Qatar National Vision 2030”, according to the chairman.

Based on the strong performance and results for 2014, the board recommended a 10% cash dividend to shareholders.

Meanwhile, acting Group CEO of Barwa Bank Khalid Yousef Al-Subeai said that the bank is “committed to the development of its most important asset, human capital, and has achieved 25% Qatarisation at a Group level.”