Two Iraqi banks breach $2 million benchmark
Shafaq News / The Future of Iraq Foundation, an entity concerned with economic affairs, announced that the total assets of the Development Bank and the Ahli Bank had surpassed the two trillion Iraqi dinar threshold, making them the first Iraqi banks to achieve this feat.
According to a report released by the Foundation today, given that Ahli Bank, owned by the Jordanian Capital Bank, operates with foreign funds, the accomplishment of the Development Bank is notable. It is entirely Iraqi with local capital, and its crossing of the two trillion dinar barrier is considered a significant achievement never before realized by a private Iraqi bank.
Simultaneously, the Foundation stated that Asiacell, an Iraqi telecommunications company, has achieved historical profits exceeding 100 billion Iraqi dinars in the first quarter of 2023, representing a growth rate of 60%.
In a secondary report, the Foundation pointed to the increase in the net profit growth of Zain Iraq, another telecommunications company, reaching approximately 40 billion dinars in the first quarter of 2023. This represents a staggering increase of 800% compared to the first quarter of 2022.
The Foundation anticipates Asiacell's profits for 2023 to be around 350 billion Iraqi dinars, equivalent to 100% of the company's capital, according to their report.
