Faisal Al Haimus, chairman of The Trade Bank of Iraq. The lender reported a 68 per cent increase in full-year net profit. Antonie Robertson/The National
Faisal Al Haimus, chairman of The Trade Bank of Iraq. The lender reported a 68 per cent increase in full-year net profit. Antonie Robertson/The National
Faisal Al Haimus, chairman of The Trade Bank of Iraq. The lender reported a 68 per cent increase in full-year net profit. Antonie Robertson/The National
Faisal Al Haimus, chairman of The Trade Bank of Iraq. The lender reported a 68 per cent increase in full-year net profit. Antonie Robertson/The National

Trade Bank of Iraq reports 68% rise in profit as revenue climbs


Fareed Rahman
  • English
  • Arabic

The Trade Bank of Iraq (TBI), the country's largest trade financing institution, reported a 68 per cent increase in full-year net profit on the back of higher revenue.

Net profit for the period ending December 31 climbed to $556 million (Dh2 billion), the bank said in a statement on Sunday. Revenue for the period rose 12 per cent year-on-year to $673m. The bank's total assets grew 27 per cent to $29bn.

“Last year has been a good period for TBI and we have continued to support businesses and financial institutions to facilitate growth and expansion across many sectors,” said Faisal Al Haimus, chairman and president of Trade Bank of Iraq.

“We have achieved this success through prudent risk management and our aggressive technology-supported expansion strategy.”

TBI, which is wholly-owned by the government of Iraq, granted loans to the value of $434m in 2019.

A further $1.9bn of loans were aggregated for various government and public sector projects in the energy, industrial, agricultural and commercial sectors.

The lender is currently working on expanding its network domestically and internationally to diversify its sources of revenue as it aims to grow at a compound annual rate of 30 per cent over the next three years.

The bank opened its first branch outside Iraq last year in Riyadh and plans to upgrade its representative office in Abu Dhabi Global Market to allow it to conduct investment management and advisory activities.

“As part of our strategic plan, we are aiming for bigger retail and international business to achieve a growth rate of 30 per cent of our total revenues, year-on-year, in the next three years through new technology-driven, need-based product offerings and international expansion.”

Established in July 2003 with the aim of helping the reconstruction of Iraq by facilitating international trade after the end of the United Nation’s oil-for-food programme, Baghdad-based TBI has grown rapidly and has presence in 26 locations across Iraq. It conducts approximately 80 per cent of the trade finance business in the country.

“As TBI moves forward with its 2020-23 strategic plan that will take the bank higher, it will continue to play a pivotal and influential role in Iraq’s ongoing recovery,” Mr Haimus said.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


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UAE currency: the story behind the money in your pockets
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Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

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  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Eyasses squad

Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)

Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)  

Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)

Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)

Jemma Eley – goal attack / wing attack (Dubai College)

Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)

Molly Fuller – goal attack / wing attack (Dubai College)

Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)

Noorulain Hussain – goal defence / wing defence (Dubai College)

Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)

Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)         

Eliza Petricola – wing attack / centre (Dubai English Speaking College)

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ENGLAND SQUAD

Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope 
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold 
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph 
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck

UAE currency: the story behind the money in your pockets