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Iraq’s banking system grows 15.1% in 2023 to $156.7 billion
IraqiNews March 31, 2024 1460 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.
[WAIT! WHAT?
$101,900,000,000 x 1320 IQD/$ = 134,508,000,000,000 IQD ~ 134.5T IQD
is $101.9 billion meant to be 101.9 billion IQD?
percentage increases are important data, imho]
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.
https://www.iraqinews.com/iraq/iraqs-banking-system-grows-15-1-in-2023-to-156-7-billion/
IraqiNews March 31, 2024 1460 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.
[WAIT! WHAT?
$101,900,000,000 x 1320 IQD/$ = 134,508,000,000,000 IQD ~ 134.5T IQD
is $101.9 billion meant to be 101.9 billion IQD?
percentage increases are important data, imho]
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.
https://www.iraqinews.com/iraq/iraqs-banking-system-grows-15-1-in-2023-to-156-7-billion/
