Oil prices and the decline of the Islamic State of Iraq hurts banks

30 December 2015

Baghdad, December 30 (Reuters) - A drop in oil prices in the lack of liquidity in the Iraqi listed banks trimmed their gains College before tax increased by 44 percent to 74 billion dinars ($ 68 million) in the third quarter compared to the same period of the previous year, according Spring for the company to mediate in the sale and purchase of securities in Baghdad.

The company said that the Islamic state-linked disorders bank deposits reduced by 14 percent in the first nine months of 2015 to 6.54 trillion dinars (5.97 billion dollars).

The report, which was dated December 29 unaudited revenue for the twenty-two banks listed on the Iraq Stock Exchange.

The report stated that revenue and profit growth in the Iraqi banking sector adversely affected by the deterioration of oil prices, which led to a shortage of liquidity.

He added that because of the dangerous security situation and lack of liquidity wanted customers to withdraw their deposits.

Oil prices have slid by more than half during the last eight ten month to less than $ 40 a barrel to the detriment of the budget of the Iraqi government, which relies on crude sales in 95 percent of its revenue.

(Dollar = 1095 Iraqi dinars)