By Mark DeWeaver. Nowadays one reads with increasing frequency that high-denomination bank notes should be eliminated. (Take this NY Times editorial as just one example.) Hundred dollar and five-hundred euro bills, it seems, are for cocaine cowboys and terrorists. Honest people use credit cards and checks or maybe their mobile phones. Some commentators even look […]
Tag Archives | Banks
By Mark A DeWeaver. As of November 6, 18 of the 21 ISX listed banks have reported third quarter earnings. The numbers aren’t pretty. Rabee Securities’ latest corporate profits report shows bank-sector aggregate profits for the first nine months down 17% year-on-year. Taking out BUND, an obvious outlier with earnings growth of 115%, the decline […]
By Mark DeWeaver. A year ago I wrote a post called “Will the Banks Get More Time,” in which I argued that most of the ISX-listed banks weren’t going to make the central bank’s deadline of June 30, 2012 to reach IQD 150 bn in paid-up capital. I posted pretty much the same thing back […]
By John Lee. Standard Chartered bank plans to expand operations in Iraq this year. The firm's regional head, Christos Papadopoulos (pictured), told Reuters in an interview: "The amount of economic activity in Iraq now is substantial. We always wanted to be onshore in Iraq. It was never a question of if but a question of […]
By Mark DeWeaver. On October 16, Prime Minister Maliki removed the head of the central bank, Sinan al-Shabibi, accusing him of mismanagement and currency manipulation. (There’s more on this story here, here, and here.) This move was widely seen as a power grab by the prime minister and a grave threat to the CBI’s independence. […]
By Sherif Salem. The process of capital formation is underway in Iraq, and that is good news for the grass roots economy. At least that’s what stock market-listed North Bank’s latest earnings results indicate. Iraq’s gross domestic product has been growing at a rapid pace, but that’s mostly due to rising oil production and robust […]
In a post from March of last year, I noted that Iraqi bank stocks did not seem particularly attractive on a valuation basis. PE’s were high and growth was unspectacular. This is no longer the case for the entire sector. While share prices have gone pretty much nowhere, 2011 was a stellar year for earnings […]
Reuters reports that it's a tough road ahead for Iraqi private banks required to raise their capital to boost business as they battle against decades of state dominance to win a slice of the asset base from government-run enterprises. It blames a poor credit culture, the lack of a modern banking system, and the dominance […]
The visit to Iraq last weekend by US Vice-President, Joseph Biden, may help to accelerate the process of forming the next government, but the frustrating delays in reaching an agreement highlight the risks of doing business in 'frontier' countries. Often, though, our perception of risk can be out of step with reality, and what appears […]
HSBC has said that it is “remarkably bullish on Iraq” and expects bank profitability in the country to increase by 100 times within 10 to 20 years, Bloomberg has reported. “There is more lending activity as the economy gets stronger,” James Hogan, country manager of HSBC Holdings said. HSBC entered the Iraq’s post-war banking sector […]
Private Turkish banks are interested in setting up joint ventures with private Iraqi banks, Iraq's finance minister said on Wednesday.
Iran, Iraq and Turkey are discussing plans to set up a joint investment bank at Iran-Turkey border, an Iranian provincial official announced.