Iraq Economic News and Points to Ponder Tuesday Afternoon 5-14-24
Iraq Economic News and Points to Ponder Tuesday Afternoon 5-14-24
Including A Capital Increase Of 400 Billion Dinars... A Number Of Files On The Table Of The Bank Of Baghdad Authority
Economy News – Baghdad The General Authority of the Bank of Baghdad intends to hold a meeting on May 18 to discuss a number of files, including increasing the capital to 400 billion dinars.
The bank’s media stated in a statement, received by “Al-Iqtisad News”, that “the general authority of the bank will hold a meeting on next May 18 to discuss and approve the annual financial statements for the year 2023, distribute profits, and increase the paid-up capital from 300.0 billion Iraqi dinars to 400.0 billion Iraqi dinars in accordance with the provisions of Article 55/second, at a rate of 33.3%, and an agreement with the Jordan Kuwait Bank, in addition to stopping trading in the bank’s shares as of May 14.”
He added, "Net profits grew by 44% on a quarterly basis in the first quarter of 2024, driven by a decrease in provisions for credit losses and an increase in commissions and foreign currency revenues; an increase in net profit on an annual basis by 203%."
He pointed out, "The Bank of Baghdad showed significant growth in net profits after tax in the first quarter of 2024, which rose by 44% on a quarterly basis and 203% on an annual basis, reaching 76.1 billion Iraqi dinars ($58.1 million)."
He stated, “Net commission income increased by 12% on a quarterly basis (+241% on an annual basis) to reach 58.0 billion Iraqi dinars ($44.2 million) in the first quarter of 2024, mainly due to the increase in bank transfer commissions.” and lower commission expenses.
He pointed out, "The bank recorded a net growth in income from foreign currencies of 29% on a quarterly basis (+141% on an annual basis) in the first quarter of 2024, reaching 27.6 billion Iraqi dinars ($21.0 million)," indicating Provisions for expected credit losses decreased from 16.1 billion Iraqi dinars ($12.2 million) in the fourth quarter of 2023 to 2.2 billion Iraqi dinars ($1.7 million) in the first quarter of 2024 due to a decrease in provisions for expected credit losses on cash held by central banks. And provisions for expected credit losses on balances with banks and financial institutions.”
The statement continued: “A 4% decrease on a quarterly basis in total assets in the first quarter of 2024, driven by a decrease in customer deposits, offset by growth in equity; strong growth in financial assets; growth of total outstanding assets on an annual basis by 45%.” In addition to "a decrease in the total assets of the Bank of Baghdad by 4% on a quarterly basis (+45% on an annual basis) to 2.6 trillion Iraqi dinars ($2.0 billion) at the end of the third month of 2024."
He stressed that “the bank is the second largest bank listed on the Iraqi Stock Exchange based on its assets and deposits,” noting that “customer deposits decreased by 9% on a quarterly basis (+48% on an annual basis) to reach 2.0 trillion Iraqi dinars ( $1.5 billion) driven by a decrease in corporate current and call accounts, partially offset by an increase in corporate term deposits.”
He noted that “ownership rights grew by 16% on a quarterly basis (+54% on an annual basis) to reach 548.4 billion Iraqi dinars ($361.6 million) at the end of the third month of 2024 due to recording net profits amounting to 76.1 billion Iraqi dinars ($58.1 million). million dollars) in the first quarter of 2024.
The statement added: “The Bank of Baghdad records the highest annual return on average assets and the return on average equity in the first three months of 2024 among the banks listed on the Iraq Stock Exchange,” stressing that “The Bank of Baghdad almost doubled the percentage of annual return on average assets from 5.7.” % in the first three months of 2023 to 11.3% in the first three months of 2024.
He stated, "The bank doubled the annual return on the average equity ratio from 28.4% in the first three months of 2023 to 59.5% in the first three months of 2024." 115 views 05/14/2024 - https://economy-news.net/content.php?id=43404
Iraq Increases Its Gold Reserves To Exceed 145 Tons
Economy | 05/14/2024 Mawazine News – Baghdad Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.
This increase indicates Iraq's continued strategy to diversify its foreign reserves and enhance financial and monetary stability in the long term.
Gold is a traditional safe haven for investors, especially during periods of economic and geopolitical uncertainty.
This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.
Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as it ranks fourth after Saudi Arabia, Algeria, and Morocco.
In general, this increase in Iraq's gold reserves is considered a positive indicator of the health and strength of the Iraqi economy. https://www.mawazin.net/Details.aspx?jimare=247934
Within A Month... Iraq's Oil Exports To America Exceed 8 Million Barrels
Money and business Economy News – Baghdad The US Energy Information Administration announced on Tuesday that Iraq's oil exports to America amounted to more than 8 million barrels during the month of April.
The administration said in its table, “Iraq exported 8.866 million barrels of crude oil to America during the month of March, with an average of 295 thousand barrels per day, higher than the month of March, in which Iraqi oil exports to America amounted to 5.483 million barrels, with an average of 176 thousand barrels per day.” .
She added, "Iraq exported an average of 142,000 barrels per day of crude oil to America during the first week of April, while it exported an average of 308,000 barrels per day in the second week, and exported an average of 309,000 barrels per day in the third week," noting that "the week's exports The fourth average reached 307 thousand barrels per day.
The US Energy Information Administration stated that “Iraq ranked fourth in its exports to America during the past month after Canada, Mexico, and Saudi Arabia, and ranked second in the Arab world after Saudi Arabia,” indicating that “Canada ranked first as the country that exports the most oil to America, followed by Mexico.” - https://economy-news.net/content.php?id=43410
Oil Prices Stabilize Awaiting OPEC Report
Time: 05/14/2024 Read: 897 times {Economic: Al-Furat News} Oil prices stabilized as markets awaited the release of OPEC’s report on its expectations for the global energy market.
US crude futures rose by 0.13% to $79.22 per barrel, while Brent crude futures rose by 0.12% to $83.46 per barrel.
In yesterday's trading, US crude contracts ended trading with an increase of 1.1% at $79.12 per barrel, while Brent contracts closed with an increase of 0.7% at $83.36 per barrel. LINK
After Implementing Electronic Systems, Customs Announces A “Historic” Increase In Its Revenues
Economy Yesterday, 21:41 Baghdad - IA - Wissam Al-Mulla The General Authority of Customs announced today, Tuesday, achieving what it described as a historic increase in its revenue rate during the first quarter of this year, while
it expected a doubling of revenues once the automation project is completed.
The head of the General Authority for Customs, Hassan Al-Ugaili, told the Iraqi News Agency (INA):
“During the years 2022 and 2023, the General Authority for Customs achieved an increase in the percentage of its revenues, and last year it reached 28%.” He added,
"In the first quarter of this year, the Authority achieved an increase of 120% over the first quarter of last year, as the first quarter of this year is the highest revenue since the founding of the Customs." He continued,
"The increase came as a result of a set of measures by the authority through simplifying procedures, in addition to monitoring and implementing some electronic systems," pointing out that
"the authority is in the process of generalizing the application of electronic systems in all ports of the Iraqi state, and
we hope in the middle of next year to end automation in all Customs centers. He pointed out that
“the authority is looking forward to achieving an increase in revenues this year to more than 100% over the previous year,” expecting that
“if automation is completed and fully disseminated, the increase may reach three times.” https://www.ina.iq/208827--.html
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