North Bank: “Double Digit Growth in 2013 and 2014” says Al-Jaff

Iraq and Iraqi Kurdistan Videos

North Bank: “Double Digit Growth in 2013 and 2014” says Al-Jaff

In 2014 North Bank will outperform the banking sector. Nozad Dawood Fattah Al-Jaff, Chairman of North Bank, largest private bank in Iraq gives the latest update on North Bank’s financial performance, profitability, returns on assets and equity.

According to Al-Jaff North Bank will experience double digit profit in 2014 on the backdrop of improved business environment. “2012 was probably the best year we have had in terms of the profits that we reached in our banking history. We probably won’t reach the same amount in 2013 but it will be very close. The reason this is the political unrest in Iraq this year that made us slow the rate of our activities to make sure that we were safely covered due to the situation.”

“A lot of activities stopped because of these problems. Eleven or twelve Ministries in Iraq had no Ministers for a long time in 2013. The Ministers simply walked away from their offices and they were managed by provisional Ministers. This obviously slowed business in Iraq for the private sector because one of the major activities of the private sector here is working on the projects and contracts provided by the Ministries. However I am happy to say that we are on the same path as we were in 2010, 2011 and 2012.” He adds.