A recent research report by Rabee Securities showed that Bank of Baghdad’s profit before tax decreased by 3 per cent quarter on quarter during the 2nd quarter of 2022 to US$8.2 million. The bank increased total revenues by 4 per cent in the 2nd quarter compared to the previous quarter, reaching US$16.7 million.
According to Research Team at Rabee Securities, there is an upward trend in the Bank of
Baghdad’s share price where the price has increased by 88 per cent during the last 12 months, and still has 44 per cent upside potential compared to its peak level on October 2, 2011.
The Bank of Baghdad was the first bank to be licensed in Iraq. Commencing banking operations
in 1992, the bank practiced commercial banking before diversifying its service portfolio in 1998
to include additional banking services following the decision of the Central Bank of Iraq to allow
private banks to practice all banking activities.
After a shakeup in shareholders in 2005, United Gulf Bank and Iraq Holding Company acquired
shares of the bank’s capital. After a few years, Burgan Bank acquired United Gulf Bank’s stake to become the largest shareholder.
The Bank of Baghdad recorded a 12.5 per cent annualized six months Return on Average Equity, the highest ratio among Iraq Stock Exchange-listed banks). BBOB recorded a 2.6 per cent annualized six months Return on Average Assets, compared to 1.2 per cent average return for Iraq Stock Exchange- listed banks.
