Trade Bank of Iraq achieves highest profits in 2022
The logo of the Trade Bank of Iraq. Photo: Iraqi News Agency
Baghdad (IraqiNews.com) – The Trade Bank of Iraq (TBI) announced on Wednesday it achieved the highest profits in 2022 since it was established, according to a statement cited by the Iraqi News Agency (INA).
The statement elaborated that the profit the bank achieved is 1.267 trillion Iraqi dinars (approximately 867 million USD) in 2022.
The TBI’s media advisor, Aqil Al-Shuwaili, said in a statement that this high profit was achieved because the bank managed its funds in a thoughtful manner and recovered the amounts of lagging commercial loans previously granted, which represented a high percentage of the bank’s current net profit.
Al-Shuwaili elaborated that the bank also imposed additional guarantees on other loans pending repayment, which constitute a key factor in maximizing the bank’s profits in the future.
“This achievement comes within the practical framework of the bank’s management in working to expand the circle of loans it grants to commercial, industrial and investment development projects, which contribute to maximizing the revenues achieved by the bank,” Al-Shuwaili stated.
Al-Shuwaili added that the TBI will announce soon the opening of additional branches inside Iraq, as well as a branch in Riyadh, Saudi Arabia, to be officially opened next March, as part of its expansion plan outside Iraq.