Barwa Bank Full-Year Net Surges as Assets More Than Double

April 24 (Bloomberg) -- Barwa Bank, a Shariah-compliant lender that is Qatar’s newest bank, reported an almost 10-fold increase in profit to 244 million riyals ($65 million) in 2011.

Net income rose from 25 million riyals in 2010, the bank said in an e-mailed statement. Barwa, now in its third year of operations, said assets more than doubled to 19 billion riyals while customer deposits tripled to 9 billion riyals.

To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

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