Iraqi Middle East Investment Bank Achieves Net Profit of IQD 21.6 Billion in 2011
| February 20, 2012 | Filled under Other News |
The leading private bank in Iraq- according to the Central Bank of Iraq- announces its financial results for the year ended December 31, 2011
44.7% per cent increase in total revenues in 2011, compared to 2010
The bank has plans to raise its capital to IQD 250 billion by the year 2013
Baghdad, Iraq, February 19, 2012: The Iraqi Middle East Investment Bank today announced its financial results for the year ended December 31, 2011. The bank achieved a net profit of Iraqi Dinar (IQD) 21.6 billion in 2011.
As at the end of 2011, the total cash in hand and at bank was IQD 369.7 billion, compared to IQD 343.9 billion in 2010. The monetary credit amounted to IQD 190.7 billion in 2011, compared to IQD 142.6 billion in 2010. The fixed assets of the bank saw a 13 per cent increase at the end of 2011 compared to the previous year, standing at IQD 66.4 billion.
The total revenues for the period ending December 31, 2011 was IQD 47.6 billion, marking a 44.7 per cent increase over the corresponding period in 2010. The operations expenses and administrative expenses as of end of 2011 amounted to IQD 12.10 billion and IQD 12.07 billion respectively.
The impressive financial performance of the bank is a reaffirmation of its strong fundamentals and reflects prudent and efficient management especially given the current economic climate in the region. The bank is confident of carrying forward this momentum to 2012, which is expected to be another exciting and rewarding year for IMEIB.
The Iraqi Middle East Investment Bank is a private shareholding company established in 1993 originally with a capital of IQD 400 million. It was among the first group of private banks in Iraq following the relaxation of restrictions on private bank operations in the late 80′s. The bank’s customer base and trust grew rapidly over the years which helped raise IMEIB’s capital to its current level of IQD 100 billion fully paid despite years of turmoil in the country. IMEIB has plans to raise its capital to IQD 250 billion by the year 2013.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Recent Comments