Iraq’s banking system grows 15.1% in 2023 to $156.7 billion

[currenzcraze]

Iraq’s banking system grows 15.1% in 2023 to $156.7 billion

• IraqiNews
•  March 31, 2024
•  821
•  2 min

The new headquarters of the Central Bank of Iraq in Baghdad. Photo: AFP

Baghdad (IraqiNews.com) – By the end of 2023, the total assets of the Iraqi banking system had grown by 15.1% annually to $156.7 billion. This was mostly driven, according to Rabee Securities, by the 15.3% increase in deposits to $101.9 billion.

The largest contributor to overall deposit growth was current deposits, which increased 17.2% to $82.1 billion and accounted for 80.5% of all deposits in the banking system.

Additionally, the total deposits of the private sector climbed by 14.7% in 2023 to reach $43.2 billion, while the deposits of Iraq’s Central Government increased by 22.7% to $36.1 billion and the deposits of public institutions increased by 6.1% to $22.6 billion.

“As a measure to control the FX flow into the banking system, the CBI now allows a limited number of banks to participate in the CBI foreign currency window and engage in USD transactions,” said Aysegul Ozge Ozgur, Head of Research at Rabee Securities

“National Bank of Iraq, Bank of Baghdad, and Al-Mansour Bank are among these banks that have been permitted to engage in such activities, thus, they are benefiting from an expanded market share in USD transactions,” added Ozgur.

There are 61 commercial banking institutions in Iraq, according to Rabee Securities, made up of 54 private banks (25 non-Islamic and 29 Islamic) and 7 state banks (one Islamic and six non-Islamic).

In terms of Return on Average Equity (ROAE) and Return on Average Assets (ROAA), the National Bank of Iraq, Bank of Baghdad, and Al-Mansour Bank are among the most profitable ISX-listed banks. In 2023, their balance sheets and income statements showed remarkable development.

[southbeach]

Anyone know if it’s safe to invest in Iraq’s  ISX banking sector through Rabee?  Wasn’t Rabee (sp?) unreliable in times past?

[screwball]

18 hours ago, southbeach said:

Anyone know if it’s safe to invest in Iraq’s  ISX banking sector through Rabee?  Wasn’t Rabee (sp?) unreliable in times past?

Well I have and have been for 19 years….

[screwball]

For rabee I believe they are pricey….

[screwball]

Rabee and Al Karmal are they only two I would deal with 

[southbeach]

2 hours ago, screwball said:

Rabee and Al Karmal are they only two I would deal with 

Are you saying any bank stock at Al Karmal has less fees than Rabee?

[screwball]

30 minutes ago, southbeach said:

Are you saying any bank stock at Al Karmal has less fees than Rabee?

No I think rabee charge for reports etc where all Karmal doesn’t but I also think there is huge buy in to get started? You have to compare the both! 

[unirod]

I transferred my equities from Al-Warka Bank and Finance to Al Karmal back in 2016 as I was tired of the poor service a Warka. I'm happy that I did as Al Karmal has been of good service. Unfortunately when you tranfer funds into Karmal you have to use Swift to move $ into an account at Citi Bank under a gaurdian account. Then the funds get moved on to Bank of Baghdad and then into your Al Karmal ISX account. This is the most recent email 3/12/24 from Al Karmal on funding. Hope that this answers some of your questions.

 

If you wish to fund your account with international money transfer to Karmal's account with Bank Of Baghdad please use the below info :-

 

- Corresponding  Bank  : CITI BANK N.A

- With address  : NEW YORK_USA

- SWIFT CODE : CITIUS33XXX

 

- Credit to Beneficiary's Bank in iraq: BANK OF BAGHDAD / MAIN BRANCH .

- SWIFT CODE: BABIIQBA

 

- Beneficiary name : Karmal Stock exchange

- Beneficiary Address : Iraq  - Baghdad  - Al Karada  –    903  / 14 / 6  Near  Badalat Al Alwieya .

- Karmal account number in Bank of Baghdad : 00025160020042280 (USD)

 

And provide us a copy swift paper of your wire transfer through email.

 

Warm regards,

[southbeach]

2 hours ago, unirod said:

I transferred my equities from Al-Warka Bank and Finance to Al Karmal back in 2016 as I was tired of the poor service a Warka. I'm happy that I did as Al Karmal has been of good service. Unfortunately when you tranfer funds into Karmal you have to use Swift to move $ into an account at Citi Bank under a gaurdian account. Then the funds get moved on to Bank of Baghdad and then into your Al Karmal ISX account. This is the most recent email 3/12/24 from Al Karmal on funding. Hope that this answers some of your questions.

 

If you wish to fund your account with international money transfer to Karmal's account with Bank Of Baghdad please use the below info :-

 

- Corresponding  Bank  : CITI BANK N.A

- With address  : NEW YORK_USA

- SWIFT CODE : CITIUS33XXX

 

- Credit to Beneficiary's Bank in iraq: BANK OF BAGHDAD / MAIN BRANCH .

- SWIFT CODE: BABIIQBA

 

- Beneficiary name : Karmal Stock exchange

- Beneficiary Address : Iraq  - Baghdad  - Al Karada  –    903  / 14 / 6  Near  Badalat Al Alwieya .

- Karmal account number in Bank of Baghdad : 00025160020042280 (USD)

 

And provide us a copy swift paper of your wire transfer through email.

 

Warm regards,

Much thanks, and does Al Karmal sell/offer what we know as an S n P 500 stock?

[T B]

Ep 3319b - People Are Now Using Common Sense, April Showers, Storm Is On The Horizon

[T B]

Ep 3319a - 8 States Will Be On The Verge Of Collapse, People Are All In On Tariffs, Plan Is Working

[screwball]

22 hours ago, southbeach said:

Much thanks, and does Al Karmal sell/offer what we know as an S n P 500 stock?

nope not international....

[southbeach]

30 minutes ago, screwball said:

nope not international....

I was asking if they offered a total sector stock/fund of their entirety.

[screwball]

4 hours ago, southbeach said:

I was asking if they offered a total sector stock/fund of their entirety.

i think they might be about to launch new index.

[unirod]

Im not aware of any current index fund. It would be a nice addition to the ISX however.