Including A Capital Increase Of 400 Billion Dinars... A Number Of Files On The Table Of The Bank Of Baghdad Authority
Economy News – Baghdad The General Authority of the Bank of Baghdad intends to hold a meeting on May 18 to discuss a number of files, including increasing the capital to 400 billion dinars.
The bank’s media stated in a statement, received by “Al-Iqtisad News”, that “the general authority of the bank will hold a meeting on next May 18 to discuss and approve the annual financial statements for the year 2023, distribute profits, and increase the paid-up capital from 300.0 billion Iraqi dinars to 400.0 billion Iraqi dinars in accordance with the provisions of Article 55/second, at a rate of 33.3%, and an agreement with the Jordan Kuwait Bank, in addition to stopping trading in the bank’s shares as of May 14.”
He added, "Net profits grew by 44% on a quarterly basis in the first quarter of 2024, driven by a decrease in provisions for credit losses and an increase in commissions and foreign currency revenues; an increase in net profit on an annual basis by 203%."
He pointed out, "The Bank of Baghdad showed significant growth in net profits after tax in the first quarter of 2024, which rose by 44% on a quarterly basis and 203% on an annual basis, reaching 76.1 billion Iraqi dinars ($58.1 million)."
He stated, “Net commission income increased by 12% on a quarterly basis (+241% on an annual basis) to reach 58.0 billion Iraqi dinars ($44.2 million) in the first quarter of 2024, mainly due to the increase in bank transfer commissions.” and lower commission expenses.
He pointed out, "The bank recorded a net growth in income from foreign currencies of 29% on a quarterly basis (+141% on an annual basis) in the first quarter of 2024, reaching 27.6 billion Iraqi dinars ($21.0 million)," indicating Provisions for expected credit losses decreased from 16.1 billion Iraqi dinars ($12.2 million) in the fourth quarter of 2023 to 2.2 billion Iraqi dinars ($1.7 million) in the first quarter of 2024 due to a decrease in provisions for expected credit losses on cash held by central banks. And provisions for expected credit losses on balances with banks and financial institutions.”
The statement continued: “A 4% decrease on a quarterly basis in total assets in the first quarter of 2024, driven by a decrease in customer deposits, offset by growth in equity; strong growth in financial assets; growth of total outstanding assets on an annual basis by 45%.” In addition to "a decrease in the total assets of the Bank of Baghdad by 4% on a quarterly basis (+45% on an annual basis) to 2.6 trillion Iraqi dinars ($2.0 billion) at the end of the third month of 2024."
He stressed that “the bank is the second largest bank listed on the Iraqi Stock Exchange based on its assets and deposits,” noting that “customer deposits decreased by 9% on a quarterly basis (+48% on an annual basis) to reach 2.0 trillion Iraqi dinars ( $1.5 billion) driven by a decrease in corporate current and call accounts, partially offset by an increase in corporate term deposits.”
He noted that “ownership rights grew by 16% on a quarterly basis (+54% on an annual basis) to reach 548.4 billion Iraqi dinars ($361.6 million) at the end of the third month of 2024 due to recording net profits amounting to 76.1 billion Iraqi dinars ($58.1 million). million dollars) in the first quarter of 2024.
The statement added: “The Bank of Baghdad records the highest annual return on average assets and the return on average equity in the first three months of 2024 among the banks listed on the Iraq Stock Exchange,” stressing that “The Bank of Baghdad almost doubled the percentage of annual return on average assets from 5.7.” % in the first three months of 2023 to 11.3% in the first three months of 2024.
He stated, "The bank doubled the annual return on the average equity ratio from 28.4% in the first three months of 2023 to 59.5% in the first three months of 2024." 115 views 05/14/2024 - https://economy-news.net/content.php?id=43404
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