* Trade Bank of Iraq a net profit of $ 475 billion dinars in 2011
Erbil, January 23 (Rn) – The Trade Bank of Iraq government said Monday it had made a profit of $ 475 billion dinars in 2011 of which 237 billion during the second half of last year after the restructuring of the bank.
A statement of the bank received by the Kurdish news agency ( Rn) that the activities of the Trade Bank of Iraq was formed during the latter half of 2011 a significant shift in the overall context of the work of the bank after it was re-structure the bank in terms of development and modernization, the proportion of advanced, which reflected positively on the nature of the work and the results of the bank. She explained that “the numbers of letters of credit open amounted to during the second half of last year, more than 6.3 billion dinars, while the value of guarantees issued about 10.4 billion dinars, and increased amounts of fixed deposits of up to more than 28.8 billion dinars. ” He noted the bank that profits exceeded in the second half of last year 237 billion dinars, while the gross profit for the year 2011 (475) billion dinars. The bank said that the loans with assets of vulnerable witnessed by the credit department at the bank through his past and the resulting bad debts amounted to billion dollars, which was addressed by the current administration to be able to recover half billion dinars from the volume of bad debts, prompting the new administration of the bank to follow a new mechanism in the management of the credit department. ” The number of credit card customers more than 15 thousand subscribers to the end of 2011.
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