One Trillion Two Hundred and Sixty-Seven Billion Iraqi Dinars Trade Bank of Iraq Achieves its Highest Profit Rate since Its Establishment

One Trillion Two Hundred and Sixty-Seven Billion Iraqi Dinars

Trade Bank of Iraq Achieves its Highest Profit Rate since Its Establishment

 

Iraq – Baghdad

January 11, 2023

Achieving the highest level of annual profitability since its establishment, the Trade Bank of Iraq (TBI) announced on January 11, 2023, its net profits for the year 2022 in the amount of (1 One trillion two hundred and sixty-seven billion Iraqi dinars), equivalent to (Eight hundred and sixty-seven million dollars).

This significant increase resulted from the deliberate management of its funds, as the Bank made tireless efforts to recover the defaulting commercial loans previously granted, which constituted a high proportion of the current profits, in addition to imposing additional guarantees on other loans pending repayment, which is a crucial factor in maximizing the Bank’s earnings in the future.

The current management of the Bank and its Board of Directors has been working according to its strategic vision developed to support the Iraqi government’s policy in strengthening the private sector and employing human resources in various fields. This strategic vision also includes expanding the lending scope for commercial, industrial and investment development projects and the banking services provided to individuals and governmental and private institutions locally and internationally. These factors will contribute to the development and support of the Iraqi economy in general and strengthen the Government’s development steps in particular.

Furthermore, The Bank’s current management and Board of Directors supported community initiatives, most notably the donation to the pavilion of the Republic of Iraq at the Expo held in Dubai, United Arab Emirates; the contribution to the development and rehabilitation of Tahrir Square in the heart of Baghdad; and finally, the 100 million dinars donation to the Iraqi Manuscript House to support the project of imaging its manuscripts with modern high-precision equipment to photograph and preserve Iraq’s world heritage.

The Trade Bank of Iraq (TBI) will soon announce the opening of additional branches inside Iraq as it continues its expansion plan outside Iraq as well. The Bank’s branch in Riyadh, Saudi Arabia, will be officially opened in March this year.