The state-owned Trade Bank of Iraq, established in 2003 to finance trade and help in the reconstruction of the country, said profit rose 18 percent last year, according to a report from Bloomberg.
Net income climbed to $361 million, Hussein al-Urzi, president and chairman said on Wednesday. Operating income gained 18 percent to $400 million and assets reached $15 billion, he said.
“Our business fundamentals are strong and our significant participation in the Iraqi economy puts us in a unique position to ride the wave of growth throughout the country,” al-Urzi said in an e-mailed statement. “In addition, our internal reforms have prepared us to scale new heights.”
TBI opened five branches last year, bringing the total number in Iraq to 14, and it plans to open three more in the country this year, including a branch at Baghdad Airport, as well as international branches in London and Beirut.