Trade Bank of Iraq (TBI) has reported record profits for 2008, with both net profits and operating profits substantially up on the previous year.

The value of letters of credit (L/Cs) and guarantees provided last year by TBI was almost double the value of those provided in 2007.

Soaring profits

TBI reported 2008 net profits of US$359.3 million, up 41 per cent compared with 2007. Net operating income soared up 51 per cent to US$447.1 million.

The bank said the increased business volumes reflected the growing need for trade and project financing in Iraq.

L/C boost

TBI issued L/Cs and guarantees worth US$9,100 million in 2008 compared with a value of L/Cs and guarantees of US$6,610 million in 2007.

According to the bank, this business helped TBI increase its total assets from US$6,124 million in 2007 to US$10,045 million by the end of 2008.

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