Economy News Baghdad:
The unaudited financial statements of the World Islamic Investment and Finance Bank (BWOR) listed on the Iraqi Stock Exchange showed a shift in profitability during the second quarter of 2017, on an annualized basis.
The bank’s profit amounted to 263 million dinars (221.12 thousand dollars), compared to losses of 315 million dinars (264.84 thousand dollars) for the second quarter of last year, according to the financial statements.
The bank said in a statement to the bourse on Monday that its conversion to profits in the first half of this year by 1.31 billion dinars, compared to losses of 1.04 billion dinars for the first half of 2016.
Expenditures increased to 2.35 billion dinars during the first half of this year, compared with expenses of 1.43 billion dinars during the first half of last year.
During the first quarter of 2017, the bank witnessed a positive turnaround in its results, recording a profit of KD 1.05 billion, compared to a loss of 720 million dinars in the first quarter of last year.