An Iraqi bank raises its capital to more than half a trillion dinars.
The General Assembly of the National Bank of Iraq (NBI) approved, in its annual meeting, the Board of Directors’ recommendation to increase the bank’s capital from 400 billion dinars to 520 billion dinars, representing 30% of the capital, and distribute the increase as free shares to shareholders, in addition to a 20% cash dividend worth 80 billion dinars.
The bank said in a statement, “The bank’s General Assembly, in a meeting attended by a number of board members, approved the board’s report for the fiscal year, the final accounts for 2024, and the expansion plan for the current year, which includes the opening of six new branches in various Iraqi governorates. The General Assembly also approved increasing the number of board members to nine and elected a new board of directors.”
Bassem Khalil Al-Salem, Chairman of the National Bank of Iraq’s Board of Directors, said, “Last year was exceptional on all fronts, particularly in achieving qualitative accomplishments that reflect the bank’s strength and resilience in the face of economic challenges, and in strengthening its presence as a leading financial institution in the Iraqi banking sector thanks to a clear strategic vision, prudent management, and a committed team.”
Al-Salem emphasized that “these results were driven by flexible monetary policies and effective banking procedures by the Central Bank of Iraq, which responded quickly to economic and political changes, helped contain the impact of these changes on the Iraqi economy, and maintained exchange rate stability, which strengthened the role of the banking sector and protected the rights of depositors and shareholders.”
Al-Salem said, “Last year witnessed an outstanding financial performance, as the bank achieved net profits after tax of 252 billion Iraqi dinars, compared to 190 billion Iraqi dinars in 2023. Net interest income also rose to 166 billion Iraqi dinars, compared to 100 billion Iraqi dinars, a growth rate of 66%.”
He pointed out that total income will rise to 452 billion dinars in 2024, compared to 343.1 billion dinars in 2023, representing a growth rate of 31.7%. This reflects the effectiveness of the bank’s strategy, which focuses on core banking services such as banking loans for individuals, large, medium, and small companies, and trade finance services for major companies.
Al-Salem expressed his gratitude to the Central Bank of Iraq, represented by its Governor and the Bank’s staff, for their continued support of the Iraqi banking sector and their cooperation, which has contributed to the sector’s development and provided an environment conducive to growth and development.
For his part, the Managing Director of the National Bank of Iraq, Ayman Abu Dahim, said, “Customer deposits increased to 3.5 trillion dinars in 2024, compared to 2.9 trillion dinars in 2023, a growth rate of 90%. Direct credit facilities also increased to 1.3 trillion dinars, compared to 951 billion dinars for the two years of comparison, a growth rate of 18%.”
He explained that “this growth was the result of an expansion in loans granted to employees whose salaries are domiciled with the bank, as well as to small, medium, and large enterprises,” stressing that “the growth in various financial indicators contributed to increasing the bank’s assets to 5.1 trillion dinars from 3.9 trillion dinars, a growth rate of 29%.”
Abu Dahim said, “For the first time in the bank’s history, its assets are approaching this mark (5.1 trillion dinars), which reflects the growth in the volume of banking business, the increase in our market share, and our growing ability to serve our customers. Accordingly, the bank becomes the largest among Iraqi private banks in terms of asset size.”
On the expansion front, Abu Dahim said, “We have added 104 new ATMs, bringing our network to 294, while the number of branches in Iraq has reached 33. We are also planning to open six new branches in early 2025, in addition to our branch in Saudi Arabia, which provides valuable services to Saudi and Iraqi companies.”
He emphasized the bank’s commitment to a comprehensive strategy focused on sustainability and digital transformation to serve customers. The bank has worked to keep pace with the latest technological developments and enhance information security and the efficiency of banking services, including installing the T24 banking system from the Swiss company Temenos and launching a new anti-money laundering management system ( AML Sirion ).
Regarding the bank’s plans for 2025, Abu Dahim said, “We will continue to expand our branch network to reach 44 branches, in addition to increasing our ATM network to reach 400 ATMs. We will focus on developing and marketing electronic banking services, increasing the bank’s share in trade financing for large companies, expanding the salary localization project and financing small and medium-sized enterprises, and expanding our ability to attract deposits from individuals, companies, and official government institutions, armed with the confidence the bank has gained in the banking sector, supported by its financial results and advanced services.”
Iraq agrees with the World Bank to allocate $18.5 million for clean energy.
The Ministry of Environment confirmed on Friday an agreement with the World Bank to allocate $18.5 million to improve the electricity transmission and distribution sectors.
Ministry of Environment spokesman Louay al-Mukhtar said, “Some of the projects announced by the Ministry of Electricity have important environmental aspects and positive environmental impacts. One of these projects is solar power plants, which are clean and renewable energy sources.” He noted that “there are concerns regarding waste panels and batteries after many years, but there are also mechanisms for managing this waste.”
Al-Mukhtar explained that: “There are two important aspects in the transmission and distribution sectors. The first is the risk of damage caused by high-voltage electrical power transmission cables and their transformers. There must be standard distances between them and buildings and streets for the safety of people, residents and workers. The other aspect relates to the cooling oils of transformers in the transmission and distribution sectors. We have a major project with the World Bank through which a special agreement will be signed for a grant worth $18.5 million provided by the Global Environment Facility and the Recovery and Reconstruction Fund for a period of five years. This will take place immediately after Eid al-Fitr.”
He pointed out that “the entire transportation and energy sector will be evaluated in terms of transformers, used oils, and even transformers in warehouses, maintenance workshops, and elsewhere. If oils containing persistent organic pollutants that were used in the 1980s and 1970s and are banned worldwide are found, a quantity of no less than 3,000 tons will be destroyed, in addition to contaminated equipment and devices.”
Rafidain Bank determines branches to work on Saturdays and Sundays to disburse financial dues.
On Friday, Rafidain Bank designated branches to operate on Saturdays and Sundays to disburse financial dues to outlet owners and receive revenues from petroleum products and gas stations.
The bank’s media office stated in a statement received by Al-Maalouma Agency, that “Rafidain Bank directed its specific branches, which are (Al-Muheet, Arab District, Haifa, Al-Waziriya, Sheikh Omar, Al-Zawiya, Al-Nasr Square, Bab Al-Muadham, and Seven Palaces), to work on Saturday and Sunday, corresponding to March 29 and 30, 2025, in order to disburse financial dues to owners of outlets and receive revenues from petroleum products and fuel stations.”
He added, “This measure aims to facilitate the disbursement of financial dues and ensure the smooth flow of banking operations.”
Al-Sudani: There is no American request to permanently dissolve the Popular Mobilization Forces, and Iraq’s account in the Federal Reserve is not subject to guardianship.
Prime Minister Mohammed Shia al-Sudani confirmed that the US Treasury informed him that Iraq’s progress on the dollar issue “represents a revolution we’ve been dreaming of,” announcing the imminent launch of the most important plan to reform the private banking sector in the country’s history.
Al-Sudani said in a press statement that “Iraq’s account with the US Federal Reserve is now under the control of the government and is not subject to Washington’s tutelage.” He explained that he responded to questions about the United States’ silence over the past 20 years by saying, “America wants to verify the final destinations of its dollar, and this is its legitimate right.”
He stressed that “there is no American request to dissolve the Popular Mobilization Forces permanently.”
The Prime Minister indicated that his government has no regrets about the one million job positions included in the three-year budget, stressing that this decision stems from the government’s commitment to addressing accumulated structural and social problems.
Regarding the industrial sector, Al-Sudani revealed that products from 54 Iraqi factories are being exported to foreign markets, indicating that this step reflects a significant development in enhancing national production capabilities.
In the energy sector, Al-Sudani announced an increase in electricity production from 19,000 to 27,000 megawatts, stressing that these efforts are part of the government’s strategy to improve services and meet citizens’ needs.
