Trade Bank of Iraq reports 68% rise in profit as revenue climbs – The National

Trade Bank of Iraq reports 68% rise in profit as revenue climbs – The National

Lender is planning local and international expansion to diversify its sources of revenue. The Trade Bank of Iraq (TBI), the country's largest trade financing institution, reported a 68 per cent increase in full-year net profit on the back of higher revenue.. Net profit for the period ending December 31 climbed to $556 million (Dh2 billion), the bank said in a statement on Sunday.. Revenue for the period rose 12 per cent year-on-year to $673m.. - Iraq to sidestep US sanctions on Iranian energy with new financial system. - Iraq looks to Asia to bolster refining capacity. TBI, which is wholly-owned by the government of Iraq, granted loans to the value of $434m in 2019.. The lender is currently working on expanding its network domestically and internationally to diversify its sources of revenue as it aims to grow at a compound annual rate of 30 per cent over the next three years.. "As part of our strategic plan, we are aiming for bigger retail and international business to achieve a growth rate of 30 per cent of our total revenues, year-on-year, in the next three years through new technology-driven, need-based product offerings and international expansion.".