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The General Authority of the National Bank of Iraq announces an increase in its capital to 400 billion dinars and the distribution of cash dividends by (20%), 15 APRIL

The General Authority of the National Bank of Iraq announces an increase in its capital to 400 billion dinars and the distribution of cash dividends by (20%)

Economy News – Baghdad

The General Assembly 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 distribute them as free shares to shareholders and work to amend the fifth item of the bank’s memorandum, praising the policies of the Central Bank of Iraq and its instructions, which were characterized by “flexibility and rapid response” to economic and political changes, while pointing to the completion of all technical requirements for the launch of the Swiss T24 system and preparing for the adoption of the anti-money laundering system “EML Sirion”.
 

The bank said in a statement received by “Economy News”, that the General Assembly of the Bank approved during its annual meeting the distribution of cash dividends to shareholders (20%) of the bank’s capital, as well as the report of the Board of Directors 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 of retained earnings.
 

The Chairman of the Board of Directors of the Bank, Bassem Khalil Al-Salem, explained that “the monetary policies of the Central Bank of Iraq and its banking instructions during the year 2023 were characterized by flexibility and a rapid response to economic and political changes, which contributed to maintaining the pillars of monetary stability and supporting the stability of the exchange rate, which strengthened the role of the Iraqi banking sector and maintained its durability, protected the rights of depositors and shareholders and increased their confidence in the sector.”
 

Al-Salem pointed out that “the National Bank of Iraq achieved a distinguished financial performance by the end of 2023, after recording a net profit after the tax of 190 billion Iraqi dinars compared to 27.5 billion Iraqi dinars during 2022. Net interest income increased from 67.6 billion Iraqi dinars to 99.8 billion Iraqi dinars with a growth rate of 46%, and the 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 that focuses on basic banking services, the most important of which are banking loans for individuals, large and small companies and trade finance services For big companies. ”
 

According to Al-Salem, “the volume of customer deposits increased from 1.5 trillion Iraqi dinars in 2022 to 2.9 trillion Iraqi dinars in 2023 with a growth rate of 90%, and the total direct credit facilities increased from 951 billion Iraqi dinars to 1.3 trillion Iraqi dinars with a growth rate of 38%,” noting that “this growth was the result of the expansion of loans granted to the category of employees whose salaries were settled at the bank, along with small, medium and large companies.”
 

Al-Salem pointed out that “the growth of various financial indicators contributed to the increase in the bank’s assets by 65% to reach about 3.9 trillion Iraqi dinars, the highest in the history of the bank, pointing out that this increase reflects the growth in the volume of banking business, increasing the bank’s market share, and enhancing its ability to provide banking services to its customers.”
 

For his part, the Commissioner’s Director of the National Bank of Iraq, Ayman Abu Dhaim, said, “The growth in the bank’s business also included a significant expansion in its customer base, which reached 210,000 customers in 2023 compared to 57,000 customers in 2022,” noting that “the expansion of the ATM network also by adding 50 new devices around Iraq, bringing the total number to 190 devices.”
With regard to geographical expansion, Abu Dhaim explained, “The bank opened 5 new branches in 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 the sending and reception of internal and external transfers, granting credit facilities, and providing trade finance services.”
 

Abu Dhaim indicated, “Al-Ahli Bank of Iraq has opened a number of advanced centers for cash counting and sorting, and a section dedicated to external transfers to ensure a 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 the services of the custodian, after the official approvals were obtained by the Securities Commission and the Iraq Securities Exchange. This service aims to protect Iraqi and foreign investors and provide them with all investment services.”
 

In terms of international cooperation, Abu Dhaim pointed out that “the National Bank of Iraq opened a new account with JPMorgan and increased financial transactions with Citibank, in addition to signing a financing agreement with the American International Finance and Development Corporation (DFC),” pointing to “the bank’s commitment to keep abreast of the latest technological developments, enhance information security and the efficiency of banking services, as it worked to complete all technical requirements to launch the best and latest T24 banking system in the world from the Swiss company Temenos, which was launched at the beginning of 2024. We have also technically prepared to launch a new AML Sirion anti-money laundering management system.”
 

Abu Dhaim stated that “Al-Ahli Iraqi Installment Company began its business during 2023, where it provides car sale services in installments to customers whose salaries have been settled with the National Bank of Iraq.”
 

With regard to the bank’s future plans, Abu Dhaim stressed 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 400 ATMs, in addition to focusing on developing and marketing electronic banking services, increasing the bank’s share in financing trade for major companies and expanding the project of salary localization and financing small and medium companies, in addition to expanding the attraction of individual deposits, companies and official government institutions armed with the confidence that the bank has gained in the banking sector supported by its financial results and advanced services.”

https://economy-news.net/content.php?id=42437

"RV UPDATE" BY MILITIAMAN, 15 APRIL

 Militia Man 

 Iraq has met the required security and stability in country that is needed to be productive and to perform her duties as a nation to her people in a correct and internationally acceptable manner. If she hadn't she wouldn't be where she is now, which is out from under the protection of EO 13303 outside the DFI.

Al-Sudani was supposed to be in Washington on the 15, well it sounds like he's arrived and it sounds like he has the Central Bank delegation with him and it sounds like Al-Alaq is with him which would be a really good thing...They said he was going to be here on the 15th, it turns out he's early which is phenomenal...

We know Al-Sudani is gearing to come to the United States on or around the 15th.  Today we see he's ready to spend about a week in the Untied States.  His saying about a week in the United States is a big deal because that's a long time.  He's bringing...senior representatives from the Central Bank of Iraq...They're going to be talking with the United States Treasury...

Iraqi Dinar🔥RV Update Of Iraqi Dinar By Guru Pimpy Today 2024🔥iraqi dina...

"SUDANI TALKS ABOUT HIS REFORMS IN WASHINGTON AS A PRIORITY" BY FRANK26, 14 APRIL

 KTFA

FRANK26:"SUDANI TALKS ABOUT HIS REFORMS IN WASHINGTON AS A PRIORITY".......F26

Iraq 24 sources: Al-Sudani will meet a delegation from the Energy Companies Complex in Houston, which includes the largest oil, gas and alternative energy companies

4/13/2024

Sources told an Iraq 24 correspondent that Al-Sudani will meet a delegation from the Energy Companies Complex in Houston, which includes the largest oil, gas and alternative energy companies. Iraq 24 analysts stated that economic and financial issues and files related to energy will take up the entire scope of the upcoming visit to the United States. In addition, sources told Iraq 24 that the visit also includes a meeting with the community, including the majority of the people of Rafha, in their center, which is located in the state of Michigan. The sources told Iraq 24’s correspondent that the Governor of the Central Bank, Ali Al-Alaq, will be among the limited government delegation that accompanies the Prime Minister on his visit.

The sources indicated that talk about relieving Al-Alaq from his position will be discussed after the visit to Washington and not before the twentieth of next April. The sources revealed that the court’s opinion under the law indicates that Al-Alaq’s current presence in his position is a legal violation due to age, noting at the same time that the issue of age for Ali Al-Alaq and Falih Al-Fayyad is similar and takes one context.  (THOSE AGAINST SUDANI'S REFORMS... CREATE DESPERATE CONDITIONS TO REMOVE ALAQ... NICE TRY -F26)

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"NEW PARTNERSHIP WITH US COMPANIES" BY CLARE, 14 APRIL

 CLARE

Expert: The Sudanese visit will activate 11 items in the strategic framework agreement, one of which is security

4/14/2024

  

 The security expert, Sarmad Al-Bayati, suggested activating 11 items in the strategic framework agreement during the visit of Prime Minister Muhammad Shiaa Al-Sudani to Washington.

 

Al-Bayati said: For the program {Free Speech} broadcast by Al-Furat satellite channel this evening, it was stated that: “The visit has been planned for a long time and within Al-Sudani’s statement that Iraq wants the United States as a strategic partner free of wishes. The main purpose of the visit is to activate the strategic framework agreement, which includes 11 sections of... "Including the security item." 
He added, "Al-Sudani will meet with the US President, the Secretary of State, the National Security Advisor, the US Treasury Undersecretary, and others during the visit, and will sign new partnerships and contracts with American companies, including those specializing in energy."
Al-Bayati continued, "As for the security aspect, America will be the mediator by importing weapons from foreign companies to preserve Iraqi money, and the government is determined to end the military presence on Iraqi territory."
He added, "We have high-frequency radars, and France was contracted to import low-frequency radars. America did not force Iraq to buy weapons, but the defect in air defenses, as well as the danger of the terrorist ISIS, still exists in remote extremist areas."
Al-Bayati concluded by saying, "The Western countries proposed to Iraq the activation of the railway between Basra and Mosul to transport goods to Europe, and Turkey is moving forward to participate in the path of development, and internal problems have hindered the activation of many agreements."

Wafaa Al-Fatlawi

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