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The National Bank approves the purchase of Bank Audi branches business in Iraq

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The National Bank approves the purchase of Bank Audi branches business in Iraq

Economy News _ Baghdad

The General Assembly of the Iraqi National Bank Company, during its regular annual meeting held on Thursday 3/18/2021, approved the decision of the Board of Directors to purchase the business of Bank Audi branches operating in Iraq.

A member of the board of directors, the managing director of the National Bank of Iraq, Ayman Abu Deheem, who chaired the meeting on behalf of the Chairman of the Board, Basem Khalil Al-Salem, said that the acquisition aims to form a larger banking entity as Bank Audi has 5 branches located in distinct places in Iraq and about 28 ATM and more than 8 thousand customers and 88 highly qualified employees, in addition to the transfer of agreed assets and liabilities, explaining that the acquisition process was preceded by financial, legal and technical studies from major specialized companies.

During the meeting, Abu Deheem reviewed the financial performance of the National Bank of Iraq, indicating that despite the economic challenges that prevailed during the year 2020 in Iraq and the world, the bank was able to achieve a distinguished financial performance, as its net profits after tax amounted to 19.9 billion Iraqi dinars compared to 9.1 billion dinars. An Iraqi in 2019.

Net interest income also increased from 11.9 billion Iraqi dinars in 2019 to 20 billion Iraqi dinars in 2020, with a growth rate of 67%, and total income increased from 34.5 billion Iraqi dinars to 54 billion Iraqi dinars with a growth rate of 56%, which reflects the effectiveness of the strategy The bank’s business focused on basic banking services, the most important of which are bank loans to individuals, large, medium and small companies, and trade finance services.

In terms of customer deposits, their balance increased from 250 billion Iraqi dinars to 419 billion Iraqi dinars, with a growth rate of 67%, which reflects the confidence of depositors in the bank.

As for direct credit facilities, they increased from 268 billion Iraqi dinars to 317 billion Iraqi dinars, with a growth rate of 87% and this growth came as a result of the expansion of loans granted to the category of employees whose salaries have been settled with the bank and small and medium-sized companies financed through the initiative of the Central Bank of Iraq.

Abu Dahim pointed out that the growth in various financial indicators has contributed to the growth of the bank’s assets from 632 billion dinars to 894 billion Iraqi dinars, with a growth rate of 41%,

stressing that the National Bank of Iraq today enjoys a prominent position in the Iraqi banking market and is considered one of the leading and sober banks. It provides an integrated range of advanced banking products and services through the bank’s branches spread across the Iraqi governorates.

Abu Deheem indicated that the bank continued its expansion plan in the services of the salary settlement project and succeeded in attracting more employees of ministries and government agencies in parallel with the directives of the state and the wise administration of the Central Bank of Iraq for the financial inclusion scheme, explaining that the bank maintained the leadership position in relation to the initiative of the Central Bank of Iraq associated with Supporting the financing of small and medium enterprises.

On the bank’s achievements in 2020, Abu Dehem referred to the signing of a financing agreement in the amount of $10 million with the International Finance Corporation to support small and medium enterprises, in addition to the signing of a cooperation and joint marketing agreement with Capital Investments.

With regard to the bank's plans for 2021, Abu Dehem explained that it mainly consists in continuing to expand its network of branches and ATMs and to continue to focus on developing and marketing electronic banking services in addition to continuing to increase the bank’s share of the salary settlement project and the Central Bank of Iraq initiative related to financing small companies And medium.

As for relations with correspondent banks and international institutions, Abu Dehem stated that the bank is continuing its expansion plans and strengthening its network of relations with the International Finance Corporation, the Saudi Development Fund and other major financial institutions.

Number of observations 499 Date of addendum 04/18/2021

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