Bank of Middle East achieves KD 4.3 billion dividend for first quarter of this year

The Bank of the Middle East, Iraq, Thursday, to achieve 4.3 billion dinars (3.7 million dollars) in dividends for the first quarter of this year, representing a decrease from the same period in 2008, accounts for the decline in investment income after the bank cut Central to its usefulness, according to data released by the bank.

He added that the bank in its released on Thursday, and received the agency Voices of Iraq, including copies, that the bank had "achieved during the first quarter of this year, 4.3 billion dinars (3.7 million dollars)," indicating that it is "low in comparison with the same period of last year 2008 by which the bank has 6.9 billion dinars."

The bank said in its earnings differential is due to "drop the expense of investment income due to the decline of the total amount invested what it was, and to reduce the Central Bank of Iraq to interest rates offered by the amounts deposited with him during the period more than once," he said, adding that "the income of banking operations recorded expenses rose as a decline in banking operations, and administrative expenses increased due to higher prices and increased salaries of workers."

The data bank, the financial position "under the rose, however, audit the accounts of the balance of the audit than it was the end of last year rose by 1.9%, also reported higher amounts deposited Pencip exceeded the 13%, and increased allocations by 12%, and investment balance declined by 28% compared to the high cash balance by more than 47%, "adding that" Compared with the assets of the bank accounts of the first quarter of last year, we find that the financial position increased by about 35%. "

The data bank to "balance the expense of investments declined by approximately 14% of the balance of allocations decreased slightly, compared to a significant increase at the expense of fixed assets in excess of 11 billion dinars," as well as to "increase the paid-up capital and reserves, including approximately 11 billion dinars," he said.

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