IMEIB Achieves $18m Net Profit in 2011

The Iraqi Middle East Investment Bank (IMEIB) has achieved a net profit of Iraqi dinar IQD21.6 billion ($18 million) in 2011, according to a report from Arab News.

As at the end of 2011, the total cash in hand and at bank was IQD369.7 billion, compared to IQD 343.9 billion in 2010. The monetary credit amounted to IQD 190.7 billion in 2011, versus IQD142.6 billion a year earlier. Fixed assets saw a 13 percent increase at the end of 2011 compared to the previous year, standing at IQD66.4 billion.

The total revenue for the period ending Dec. 31, 2011 was IQD47.6 billion, a 44.7 percent increase over the corresponding period in 2010. The operations expenses and administrative expenses as of end of 2011 amounted to IQD12.10 billion and IQD12.07 billion respectively.

The bank is confident of carrying forward this momentum to 2012, which is expected to be another exciting and rewarding year for IMEIB.

The IMEIB 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. IMEIB has plans to raise its capital to IQD 250 billion by the year 2013.

(Source: Arab News)

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