Banks Year-End Info

[WhiteFeather]

Banks Year-End Info
Feb 12, 2012

Iraqi Middle East Bank's
Iraqi Middle East Bank's (BIME) 2011 year-end (unaudited) financial results: B/S - FY11 (Assets: ID670bn, +3% q/q (+16% y/y), Monetary Credit: ID191bn, +5% q/q (+34% y/y), Deposits: ID505bn, +2 q/q (+9% y/y), BV: ID141bn, +5% q/q (+68% y/y), P&L (quarterly) - 4Q11 (Estimated NBI: ID7.9bn, -23% q/q (+21% y/y), Operating Profit: ID4.0bn, -45% q/q (+50% y/y), Profit Before Tax: ID5.1bn, -21% q/q (+79% y/y)). P&L (annual) - FY11 (Estimated NBI: ID34.8bn, +66% y/y, Operating Profit: ID21.7bn, 124% y/y, Profit Before Tax: ID21.6bn, +115% y/y).

Dar Es Salaam Bank's
Dar Es Salaam Bank's (BDSI) 2011 year-end (unaudited) financial results: B/S - FY11 (Assets: ID798bn, +32% q/q (+72% y/y), Monetary Credit: ID21bn, +42% q/q (+81% y/y), Deposits: ID662bn, +39 q/q (+70% y/y), BV: ID113bn, +10% q/q (+70% y/y), P&L (quarterly) - 4Q11 (Estimated NBI: ID11.6bn, +42% q/q (+143% y/y), Operating Profit: ID6.3bn, +540% q/q (ID0.2bn operating loss in 4Q10), Profit Before Tax: ID7.5bn, +812% q/q (ID0.1bn profit before tax in 4Q10). P&L (annual) - FY11 (Estimated NBI: ID33.6bn, +79% y/y, Operating Profit: ID9.4bn, 921% y/y, Profit Before Tax: ID10.3bn, +734% y/y).

Bank of Baghdad's
Bank of Baghdad's (BBOB) 2011 year-end (unaudited) financial results: B/S - FY11 (Assets: ID875bn, +12% q/q (-19% y/y), Monetary Credit: ID150bn, -6% q/q (-17% y/y), Deposits: ID699bn, +16 q/q (-13% y/y), BV: ID140bn, -1% q/q (+18% y/y), P&L (quarterly) - 4Q11 (Estimated NBI: ID9.6bn, -16% q/q (-15% y/y), Operating Profit: ID4.2bn, -33% q/q (-29% y/y), Net Loss: ID1.0bn, (ID5.9bn Net Profit in 3Q11, ID1.8bn Net Profit in 4Q10)). P&L (annual) - FY11 (Estimated NBI: ID46.9bn, +37% y/y, Operating Profit: ID27.7bn, 55% y/y, Net Profit: ID21.0bn, +53% y/y).

Dijlah & Furat Bank's (BDFD) 2011 year-end (unaudited) financial results: B/S - FY11 (Assets: ID276bn, +39% y/y, Monetary Credit: ID44bn, -0.2% y/y, Deposits: ID198bn, +185 y/y, BV: ID58bn, +8% y/y, P&L (annual) - FY11 (Estimated NBI: ID12.4bn, +20% y/y, Operating Profit: ID5.2bn, -1% y/y, Profit Before Tax: ID6.3bn, +42% y/y).

Mosul Bank's (BMFI) 2011 year-end financial results: B/S - FY11 (Assets: ID259bn, +6% q/q (+12% y/y), Monetary Credit: ID84bn, -17% q/q (+27% y/y), Deposits: ID157bn, +7 q/q (+3% y/y), BV: ID89bn, +7% q/q (+38% y/y), P&L (quarterly) - 4Q11 (Estimated NBI: ID8.9bn, +339%q/q (+19% y/y), Operating Profit: ID7.7bn, +598% q/q (+21% y/y), Profit Before Tax: ID5.9bn, +536% q/q (+40% y/y)). P&L (annual) - FY11 (Estimated NBI: ID17.1bn, +7% y/y, Op. Profit: ID12.8bn, 5% y/y, Net Prof.: ID10.7bn, +4% y/y).

Kurdistan Bank's (BKUI) 2011 year-end financial results: B/S - FY11 (Assets: ID601bn, +22% q/q (+22% y/y), Monetary Credit: ID62bn, -23% q/q (-34% y/y), Deposits: ID348bn, +13 q/q (+7% y/y), BV: ID206bn, +27% q/q (+56% y/y), P&L (quarterly) - 4Q11 (Estimated NBI: ID0.5bn, -96% q/q (-85% y/y), Operating Loss: ID3.2bn Vs ID12.2bn Operating Profit in 3Q11 and ID.50bn Operating Profit in 4Q10, Net Loss: ID5.2bn Vs. ID12.1bn profit in 3Q11 and ID1.6bn net loss in 4Q11. P&L (annual) - FY11 (Estimated NBI: ID34.2bn, +91% y/y, Operating Profit: ID25.9bn, 131% y/y, Net Profit: ID24.0bn, +164% y/y).

[buck74]

So year over year profits for the banks, BIME -115%, BDSI - 734%, BBOB - 53%, BDFD - 42%, BKUI - 164%, and BMFI only 4 % (what a dog - just kidding). Maybe this will cause the stocks to move higher at some point. At the current price some of these look like values imo.

[dinar_dude]

Even this this news, I'm frustrated. My overall portfolio has dipped back into the red with an overall loss of - 451k dinar. I hold a lot of the above banks.

[WhiteFeather]

Investment Bank of Iraq's (BIBI)
Investment Bank of Iraq's (BIBI) 2011 year-end (unaudited) financial results: B/S - FY11 (Assets: ID330bn, +31% y/y, Monetary Credit: ID126bn, +42% y/y, Deposits: ID188bn, +35 y/y, BV: ID117bn, +33% y/y, P&L (annual) - FY11 (Estimated NBI: ID21.8bn, +20% y/y, Operating Profit: ID14.8bn, 24% y/y, Profit Before Tax: ID14.2bn, +36% y/y).

Al-Mansour Bank's (BMNS)
Al-Mansour Bank's (BMNS) 2011 year-end financial results: B/S - FY11 (Assets: ID272bn, -14% q/q (+58% y/y), Monetary Credit: ID66bn, 5% q/q (89% y/y), Deposits: ID156bn, -5 q/q (+88% y/y), BV: ID109bn, +1% q/q (+29% y/y, mainly due to the increase in paid-in capital from ID75bn to ID100bn in 3Q11). P&L (quarterly) - 4Q11 (Estimated NBI: ID4.0bn, -14% q/q (+62% y/y), Operating Profit: ID2.9bn, -22% q/q (+90% y/y), Net Profit: ID1.2bn, -66% q/q (+98% y/y). P&L (annual) - FY11(Estimated NBI: ID13.0bn, +78% y/y, Operating Profit: ID9.7bn, 109% y/y, Net Profit: ID7.9bn, +116% y/y).

[Will-it-happen?]

great news

So, whats happening with Warka-Bank ?

I seem to remember Mr I wrote a letter to the ISX saying, "please let us back in, we're ok" however, nothing has happened

Wasnt someone somewhere to allow/disallow them back in by now ??

[Kickabuck]

Even this this news, I'm frustrated. My overall portfolio has dipped back into the red with an overall loss of - 451k dinar. I hold a lot of the above banks.

This is just what you want to happen, think long term. 1) All of your banks must get to 250B by 2013 2) That means net profit rolls right back into the bank to raise capital. 3) As a shareholder, you will receive those profits in the form of free shares/bonus rights. 4) With low prices at this time, you will receive many more shares as they distribute profits. 5) The short term goal is to accumulate as many shares possible in a bank with good growth. 6) As this trend continues, those base shares will look like gold when stock prices eventually take off...and they will, you don't see net revenue numbers like what's posted here very often. Actually, I don't care if the market drops back to 100 as long as figures like these roll in. Let this baby simmer and grow my share base by 20% every year. I see a giant spike somewhere around 2015-2020...and I'm patient.

Funny, I just found/read this posted today by DeWeaver: http://www.iraq-businessnews.com/201...n-in-patience/

[lglwzrd]

great news

So, whats happening with Warka-Bank ?

I seem to remember Mr I wrote a letter to the ISX saying, "please let us back in, we're ok" however, nothing has happened

Wasnt someone somewhere to allow/disallow them back in by now ??

yeah!! what he said.......

[WhiteFeather]

Association of Banks announces completion of the annual reports of banks
Translated by Iraqdirectory.com - [2/29/2012]


The Association of Iraqi banks announced that Al-Mansour Bank for Investment has completed the annual report for 2011, noted that the figures in the budget showed clear growth in assets and sources of funding.
The Executive Director of the Association Abdul Aziz al-Hassoun said that the bank has provided the Association annual results of the past year, suggesting commitment to the principle of disclosure and transparency required in the banking business, where assets increased from (169) billion dinars to (265) billion dinars, while deposits rose from (83) billion dinars to (156) billion dinars, as well as increased credit balance cash from (35) billion to (66) billion dinars, adding that the bank made a net profit increased to seven billion dinars. should be noted that the Board of Directors of the Bank called for shareholders to convene the General Assembly meeting to discuss the report of the Board of Directors and the accounts and discuss the capital increase to (150) billion dinars response decision to the Iraqi Central Bank, which committed the banks to raise their capital to 250 billion dinars, at the end of 2013.
http://www.iraqdirectory.com/DisplayNews.aspx?id=18602

[WhiteFeather]

Director of the Association of private banks called for new legislation regulating the work of banks

On: Friday 17/02/2012 14:20

Baghdad (news) .. student director of the Association of private banks Abdul Aziz al-Hassoun to amend the Banking Act or new

legislation to regulate the work of private banks in Iraq.

Hassoun said in a statement to the Agency (news) Friday: The law of the current Iraqi banks no longer meets the needs of banks in

the application because we noticed there are some paragraphs need to amendments or additions.

Hassoun said: There are differences of some paragraphs of the current law by private banks, which confused her and made him a

regular, in addition to Islamic banks are still operating without a legal code of its own and this is what makes the work there is chaos

in the Iraqi banking.
He called for legislation or amendment of the Banking Act in order to organize the work of Iraqi banks, public and private service for

the Iraqi state and its people. As stressed by the Economic Commission for MP / coalition in Iraq / Qusay Gomaa need for new

legislation supports the Iraqi banks two branches of government and private sectors for their contribution to the investment process

and the reconstruction of the country.

Gomaa said in an earlier statement (the news): The banking system in Iraq too late for the regimes of modern and advanced in the

world, Iraqi banks now are more like the offices of banking, and do not have an active role and vital role in the investment operations

of the country, whether payment on credit or direct.

--------------

An older article,
Friday 16/12/2011

Director of the Association of private banks: next year will see significant growth of the Iraqi banks

Baghdad, most likely director of the Association of private banks Abdul Aziz Hassoun that year (2012) will see the growth and development of major Iraqi banks in the light of the development plans set for them.

He said Hassoun told the reporter Agency (news) Friday: that the Iraqi banks government and private made great efforts at the present time to develop its work according to the banking systems of modern and sophisticated technology, the fact that the world is now talking Baltknlogia all fields.

Continues ...read more ..

He pointed out: The private banks began to develop itself to enter modern systems in their work and started hanging from the entities of the financial and increase their capital, This indicates that next year will be the year the activity and a quantum leap in the work of Iraqi banks.

The manager called the Association of private banks to: the need for equality between Iraqi banks (public and private) and the tightening-up and control the work of banks and funds owned by the fact that the data indicate that there is a surplus large financial banks to Off and untapped.

It is noteworthy that at the end of the year (2010), the number of banks operating in Iraq have arrived in (43) banks, including (7) state banks with total capital of First her about (6036) billion Iraqi dinars, as well as for (36) private banks with a total capital up to (202) trillion dinars.

[WhiteFeather]

Thought we could add to this as we get info on Banks

Bank of Baghdad (BBOB), the first licensed private bank in Iraq, was founded on February 18th, 1992. The bank is providing banking services through 25 branches across the country 11 of which are in the city of Baghdad. Bank of Baghdad is a member of the KIPCO Group (www.kipcogp.com), one of the largest diversified holding companies in the MENA region. KIPCO owns Bank of Baghdad through one of its subsidiaries, Burgan Bank (www.burgan.com).


Commercial Bank of Iraq (BCOI), a private company, was founded on November 2nd, 1992. BCOI is providing banking services through 10 branches across the country, nine of which are in the city of Baghdad, including the main branch, and one in Basra. Ahli United Bank (AUB) (www.ahliunited.com) of Bahrain is the main shareholder.


Dar Es Salaam Investment Bank (BDSI), a private bank, was founded on July 12th, 1998 in Iraq. The bank is providing banking services through 14 branches and one office (Sumer Land Office in Baghdad) across the country seven of the branches are in the city of Baghdad, including the main branch, while the others are in Mousel Karbalaa, Al Qadisiya, Waset, Muthana, Basrah and Erbil provinces. The major shareholder is HSBC Asia Holdings BV.

Gulf Commercial Bank (BGUC), a private company, was founded in Iraq on October 20th, 1999. The bank is providing banking services through 14 branches across the country four of which are in Baghdad, including the main branch, another two are in Najaf province, two Basrah, and the others are in Babylon, Dewanya, Karblaa, A-Simiwah, Al-kut and Arbil provinces.

Iraqi Middle East Investment Bank (BIME), a private joint stock company, was founded in 1993. The bank is providing commercial and investment banking services through 19 branches across the country of which 8 of them are in Baghdad.

Mosul Bank (BMFI), a private company, was founded on August 23th, 2001. The bank is providing banking services through 13 branches and two offices across the country according. Nine of its offices are in the city of Mosul, including the main branch, another two are in Ninevah province while the others are in Baghdad, Tikrit, Suleymania and Arbil

Al-Mansour Bank For Investment (BMNS), a private bank, was founded in Iraq on September 13th, 2005. The bank opened its main branch on April 17th, 2006 in Baghdad. Then, two more branches were opened in Iraq one in Suleymania and the other in Arbil. The bank reached four branches as of the end of 2009, two in Baghdad. The major shareholder is Qatar National Bank (www.qnb.com.qa).

North Bank (BNOR), a private joint stock company, was founded on April 1st, 2004 which operates mainly in Baghdad and Kurdistan Region in the North of Iraq. North Bank is providing banking services through nine branches across the country of which 3 of them are in Baghdad, including the main branch, and the others are in Arbil, Sulaymaniyah, Dohuk, Ramadi, Karbala and Mosul. North Bank’s main shareholder is Nawzad Jaff & Family

Warka Bank (BWAI) was founded on November 20th, 1999 and it owns a wide network in Iraq with 70 branches, of which 25 of them are located in Baghdad including the main branch, and 350 ATMs. The bank is providing commercial banking services including deposits, loans, credit cards and online banking in addition to providing investment banking services including corporate finance and investment advisory on mergers and acquisitions, initial public offering and underwriting.

From http://www.rabeesecurities.com/companies
Banks info last update sept. 2010

[WhiteFeather]

United Bank's (BUND)
United Bank's (BUND) 2011 year-end financial results:
B/S - FY11: Assets: ID656bn, +13%q/q (+26% y/y), Monetary Credit: ID268bn, -8% q/q (+9% y/y), Deposits: ID299bn, +12 q/q (+4% y/y), BV: ID656bn, +13% q/q (+26% y/y, mainly due to the increase in paid-in capital from ID150bn to ID200bn in 3Q11).
P&L (quarterly) - 4Q11: Estimated NBI: ID25.1bn, +90% y/y, Operating Profit: ID21.2bn, +79% y/y, Net Profit: ID15.2bn, +228% y/y.
P&L (annual) - FY11: Estimated NBI: ID57.1bn, +29% y/y, Operating Profit: ID49.3bn, 22% y/y, Net Profit: ID43.5bn, +30% y/y.

[Kickabuck]

United Bank's (BUND)
United Bank's (BUND) 2011 year-end financial results:
B/S - FY11: Assets: ID656bn, +13%q/q (+26% y/y), Monetary Credit: ID268bn, -8% q/q (+9% y/y), Deposits: ID299bn, +12 q/q (+4% y/y), BV: ID656bn, +13% q/q (+26% y/y, mainly due to the increase in paid-in capital from ID150bn to ID200bn in 3Q11).
P&L (quarterly) - 4Q11: Estimated NBI: ID25.1bn, +90% y/y, Operating Profit: ID21.2bn, +79% y/y, Net Profit: ID15.2bn, +228% y/y.
P&L (annual) - FY11: Estimated NBI: ID57.1bn, +29% y/y, Operating Profit: ID49.3bn, 22% y/y, Net Profit: ID43.5bn, +30% y/y.

Another strong performance from one of the frontrunners. Low current prices should set up shareholders nicely for free/paid up shares within the next 2 months. As a side note, I believe Commercial will announce their GA date & decisions within 2 weeks...we're in for a fun ride over the next 3 months, buckle up, and don't miss the paid ups...sell a dog if you have to. Thanks WF, I'll take a 30% increase in net profit each and every year from United !!! All the majors are reporting numbers like this...shhhh, keep it quiet, build your share base.

[WhiteFeather]

Iraqi Middle East Bank's (BIME)
Iraqi Middle East Bank's (BIME) 2011 year-end (audited) financial results:

B/S - FY11 (Assets: ID668bn, +3% q/q (+15% y/y), Monetary Credit: ID191bn, +5% q/q (+34% y/y), Deposits: ID505bn, +2 q/q (+9% y/y), BV: ID138bn, +2% q/q (+64% y/y),

P&L (quarterly) - 4Q11 (Estimated NBI: ID7.9bn, -23% q/q (+21% y/y), Operating Profit: ID4.0bn, -45% q/q (+50% y/y), Net Profit: ID1.9bn, -70% q/q (+38% y/y)).

P&L (annual) - FY11 (Estimated NBI: ID34.8bn, +66% y/y, Operating Profit: ID21.7bn, +124% y/y, Net Profit: ID18.5bn, +114% y/y).

[WhiteFeather]

Credit Bank's (BROI)
Credit Bank's (BROI) 2011 year-end (audited) financial results:
B/S - FY11 (Assets: ID444bn, +4% q/q (-25% y/y, mainly due to the decline in investments), Monetary Credit: ID10bn, -21% q/q (-27% y/y), Deposits: ID261bn, +6 q/q (-39% y/y), BV: ID152bn, +3% q/q (+12% y/y)
P&L (quarterly) - 4Q11 (Estimated NBI: ID6.5bn, -11% q/q (+22% y/y), Operating Profit: ID4.2bn, -21% q/q (+29% y/y), Profit Before Tax: ID5.8bn, +27% q/q (+34% y/y), Net Profit: ID3.0bn, -34% q/q (+6% y/y)).
P&L (annual) - FY11 (Estimated NBI: ID27.0bn, +56% y/y, Operating Profit: ID19.1bn, +93% y/y, Net Profit: ID15.7bn, +92% y/y).