By John Lee.
Twenty-two of Iraq’s 30 private banks made a combined profit of $366 million (427 billion Iraqi dinars) during the first nine months of the year, according to a study released by the Association of Private Banks in Iraq.
Al-Hayat newspaper says this is a 90 percent increase in profits over the same period in 2011.
North Bank for Finance and Investment topped the list with a profit of 105 billion dinars, followed by the United Bank for Investment with 75.1 billion dinars, and the Bank of Kurdistan with 52.2 billion dinars.
Munther Kaftan, the managing director of North Bank, said he experts to merge the weaker banks together in order to improve their capabilities and offerings, allowing them to develop into more modern institutions.
(Sources: Aswat al-Iraq, Nuqudy)