Trade Bank of Iraq (TBI), which was established to facilitate the country's international trade, posted a net profit of $361 million for the year 2010, up 18 per cent from $305 million in 2009.

Total operating income for the year was up 18 per cent to $400 million from $338 in 2009.

Fees and commission income increased 68 per cent to $111 million from $66 million in 2009.

Net interest income went up 2 per cent to $153 million from $150 million in 2009.

Customer deposits increased 15 per cent to $13 billion from $11 billion the year earlier.

Total assets increased 16 per cent to $15 billion from $13 billion in 2009.

'I am proud of TBI's financial results for 2010 and its return to record profits. Our business fundamentals are strong and our significant participation in the Iraqi economy puts us in a unique position to ride the wave of growth throughout the country. In addition, our internal reforms have prepared us to scale new heights,' said Hussein Al-Uzri, chairman and president of TBI.-TradeArabia News Service