By John Lee.
The state-owned Trade Bank of Iraq (TBI) has announced a net profit of 1.267 trillion Iraqi dinars (approx. $867 million) for the year just ended, making 2022 its most profitable year since its establishment in 2003.
In a statement, the bank said the increase was due to the careful management of funds and the recovery of commercial loans that were in arrears, as well as the imposition of additional guarantees on other loans.
The bank said it's also working to increase loans for commercial, industrial and investment development projects, which will further contribute to maximizing revenues and developing the Iraqi economy.
It is also supporting community initiatives, such as donating to the Republic of Iraq pavilion at the Dubai Expo, and the rehabilitation of Tahrir Square in Baghdad.
TBI said it will open additional branches in Iraq and expand internationally, with the opening of a branch in Riyadh, Saudi Arabia in March. [The bank previously announced the opening of a branch in Riyadh some years ago]