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Iraqi Trade Bank raises its capital to 3 billion dollars

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Iraqi Trade Bank raises its capital to 3 billion dollars

The Iraqi Trade Bank logo, «Economy News»
  http://economy-news.net/content.php?id=19520
 Banks
The Economy News - Baghdad

The Iraqi Trade Bank (TBI) announced today, Monday, the increase of its capital to 3 billion dollars.

The bank said in a press statement received by "The Economy News", the Iraqi Trade Bank increased its capital from 2.3 billion dollars (2.7 trillion Iraqi dinars) to 3 billion dollars (3.5 trillion Iraqi dinars) in light of its business results for the year 2019 after its audit by the International Audit Company Ernst & Young (E&Y) and based on the approval of the Prime Minister of Iraq.

He added that he achieved great growth in his revenues for the financial year ending 31/12/2019, reaching 708 million dollars (837 billion Iraqi dinars), an increase of 12% over the previous year and a net profit of 556 million dollars (657 billion Iraqi dinars), an increase of 68% from last year.

Number of views 62 Posted on 3/30/2020

Edited by 6ly410
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10 hours ago, climber7 said:

I’m no financial genius but isn’t this going to affect the rate? 

 

I don't think so.  They're just announcing they made more last year than they thought.  Granted, a significant amount more, but that's not gonna change the fact that they continue to lose $30+ on each barrel of oil they sell, along with the fact that there's a worldwide oil glut and they may not even be able to sell all the oil they want to sell.  They now have a bigger cushion than they thought, but they still really need to do something to stop burning through their cash or at some point, they'll end up broke.  

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10 hours ago, Laid Back said:

Looks like the TBI is ready for international business.!

 

 

 

 

 

Yes, it looks like it.  Raising your capital raises your liquidity.  This is done so they have more cash on hand when it is needed for loans and other investments or people just wanting cash on hand.   A bank won't do this unless something is in it for them.  Something is afoot. Hopefully an RV. 

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1 hour ago, KristiD said:

 

I don't think so.  They're just announcing they made more last year than they thought.  Granted, a significant amount more, but that's not gonna change the fact that they continue to lose $30+ on each barrel of oil they sell, along with the fact that there's a worldwide oil glut and they may not even be able to sell all the oil they want to sell.  They now have a bigger cushion than they thought, but they still really need to do something to stop burning through their cash or at some point, they'll end up broke.  


Thanks Kristy 

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10 hours ago, KristiD said:

They now have a bigger cushion than they thought, but they still really need to do something to stop burning through their cash or at some point, they'll end up broke.  

 

 thanks KristiD, iraq does need to diversify like they have been told they are plenty rich in other natural resources besides oil and should get with it on a market economy fast , u know i would not consider the US a broke nation but the national debt is 23 Trillion and climbing after a while it just seems to be numbers running on a screen check the link .... cheers be well all... 

https://www.usdebtclock.org/

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Iraqi Trade Bank: postponing the payment of loan installments granted to the beneficiaries of the Basmaya and Al-Darasah project for two months

  
 http://economy-news.net/content.php?id=19541
Economy News _ Baghdad

The Trade Bank of Iraq announced, on Wednesday, that it will postpone the payment of loan installments granted to the beneficiaries of the Basmaya and Study project for a period of two months.
The bank said in a statement, "Economy News" received a copy of it, that it "decided to postpone the payment of loan installments granted to the national and non-national employees with their salaries with the bank."
The bank added that "the postponement also included the beneficiaries of a project with the protection of housing and a study loan without interest for a period of two months, starting from 1/4/2020 until 31/5/2020."

Number of views 72 Date added 04/01/2020

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