Latest news with #Bank
Daily News Egypt
27 minutes ago
- Business
- Daily News Egypt
CIB reports Q2 2025 consolidated revenue of EGP 27.8bn
Commercial International Bank (CIB) reported second-quarter (Q2) 2025 consolidated net income of EGP 16.7bn, or EGP 4.88 per share, marking a 7% increase from Q2 2024. The bank's management commented: 'Building on a strong start to the year, CIB delivered another solid set of financial results in Q2 2025, closing the first half with top and bottom lines of EGP 54.9bn and EGP 33.3bn, representing growth of 18% and 21%, respectively, over the previous year. This was achieved despite the easing monetary cycle and supported by the stability in the foreign exchange market, reflecting the true resilience of CIB, underpinned by the strength of our core business performance. This is further evident in our year-on-year growth in USD terms, with revenues up 14% and net income up 17%.' Each of the Bank's business lines performed robustly, enabling CIB to support corporate and individual clients as they navigated market dynamics. Despite relative normalization in local currency deposit market rates, total deposits continued to grow, increasing by a healthy 21% year-on-year. Both retail and corporate deposits contributed, rising by 22% and 21%, respectively. This growth was driven by continued momentum across all business segments and was accompanied by an increase in the share of current and savings accounts (CASA) to total deposits—from 54% last year to 59% by end of first-half 2025—helping manage cost of funds and maintain margins. Meanwhile, gross loans expanded impressively by 50% year-on-year, adding EGP 165bn, driven mainly by corporate loans, which grew by 57% (EGP 149bn). Over 40% of this corporate lending was directed towards capital expenditure (CAPEX). At the same time, lending to small and medium-sized enterprises (SMEs) continued to grow, reaching 29% of the loan portfolio, exceeding the Central Bank of Egypt's minimum requirement. Retail loans also showed strong growth of 23%, adding EGP 16bn, primarily in personal loans, credit cards, and mortgage loans. As a result, CIB maintained its position as the largest private-sector lender in the Egyptian banking sector, with a gross loan portfolio of EGP 496bn in of the first half of 2025—or EGP 523bn when including securitization deals—capturing a private-sector corporate loan market share of 9.23%. This robust balance sheet momentum supported strong revenue growth of 18% year-on-year, which would have been 23% when excluding the exceptional foreign exchange income generated in the first half of 2024. Growth was driven by a 24% increase in net interest income (NII) and a normalized 21% rise in non-interest income. The latter was largely underpinned by genuine growth in sustainable streams: net fee and commission income increased by 22%, reflecting active lending during the year, with loan fees recording an impressive 42% rise, and card fees nearly doubling, driven by a 38% increase in the credit card portfolio from the end of the first half of 2024. All of this was enabled by CIB's solid digital infrastructure, which reinforced its leadership in digital banking and alternative channels. The Bank saw a significant increase in transaction volumes and values, reaching 1.9 million users on its online banking platforms in of the first half of 2025, a 17% rise from the same period in 2024, while transaction values grew by 58% to EGP 2.3trn across all digital channels. Total provisions accrued this quarter were similar to the previous quarter, amounting to EGP 695m for the first half of 2025—down from EGP 2.24bn in the first half of 2024. This decrease was largely due to the adoption of the recalibrated Expected Credit Loss (ECL) calculation, which was successfully validated by a third party and communicated to the Central Bank of Egypt, with final approval pending. Despite slower provision accumulation, the Bank preserved its highest-in-market coverage for expected losses: loan loss provisions covered 8.9% of the gross loan portfolio, 12.6% of the unsecured portion, and 338% of non-performing loans (NPLs). Notably, even when excluding provisions, the Bank's bottom line still recorded a healthy 14% year-on-year growth in the first half of 2025. This strong profitability accommodated healthy capital utilization, as reflected in risk-weighted asset (RWA) growth, with CIB ending the period with a Capital Adequacy Ratio (CAR) of 28.4% and a Common Equity Tier I (CET1) capital ratio of 23.6%. This solid capital base supported one of the highest returns to shareholders, with Return on Average Equity (RoAE) reaching 40.5% for the first half of 2025. Looking ahead, management remains optimistic about Egypt's economic recovery while preparing for various scenarios, supported by CIB's resilient balance sheet, prudent risk management, and operational readiness. Revenues Second-quarter 2025 standalone revenues reached EGP 27.8bn, up 13% from the second quarter of 2024. First-half 2025 standalone revenues were EGP 54.6bn, an 18% increase over the first half of 2024, driven by a 23% rise in net interest income, partially offset by a 30% decrease in non-interest income. Net Interest Income First-half 2025 standalone net interest income totaled EGP 51.2bn, up 23% year-on-year, achieved with a total Net Interest Margin (NIM) of 8.94%. Local currency NIM improved by 51 basis points to 13.1%, while foreign currency NIM declined by 114 basis points to 2.71%. Non-Interest Income Standalone non-interest income for the first half of 2025 stood at EGP 3.47bn, down 30% year-on-year. Trade service fees grew 5% to EGP 1.72bn, with an outstanding balance of EGP 302bn. Operating Expense Operating expenses reached EGP 7.54bn in the first half of 2025, a 35% increase year-on-year. The cost-to-income ratio rose by 180 basis points to 13.8% but remained comfortably below the Bank's target ceiling of 30%. Loans Gross loans reached EGP 496bn, growing 24% or EGP 96.3bn year-to-date (YTD). Adjusting for the appreciation of the Egyptian pound, real growth was 25% or EGP 99.2bn. Local currency loans grew by 29% (EGP 80.5bn), while foreign currency loans rose by 16% ($377m). As of February 2025, CIB's total loan market share stood at 4.72%, and private-sector corporate loan market share at 9.23%. Deposits Total deposits rose to EGP 1.04 trillion, a 7% or EGP 72.3bn increase YTD, with real growth of 9% (EGP 82.2bn) net of currency appreciation. Local currency deposits increased by 8% (EGP 43.1bn), and foreign currency deposits grew by 10% ($790m). As of February 2025, CIB's deposit market share was 6.96%. Asset Quality Standalone non-performing loans accounted for 2.63% of the gross loan portfolio, covered 338% by the EGP 44.1bn loan loss provision balance. Impairment for credit losses saw a net release of EGP 346m in the first half of 2025, compared to a charge of EGP 2.06bn in the same period of 2024. Capital and Liquidity Total Tier Capital reached EGP 209bn, equivalent to 28.4% of risk-weighted assets by June 2025. Tier I capital stood at EGP 174bn, representing 83% of total Tier Capital. Liquidity remained well above regulatory requirements: the local currency liquidity ratio was 55.0% (regulator threshold: 20%) and foreign currency liquidity ratio was 74.0% (threshold: 25%). Net Stable Funding Ratio (NSFR) was 207% for local currency and 216% for foreign currency, while the Liquidity Coverage Ratio (LCR) was 530% for local currency and 407% for foreign currency—significantly above the Basel III requirement of 100%.
Kuwait Times
2 hours ago
- Business
- Kuwait Times
NBK reports KD 315.3 million in net profit for six-month period of 2025
NBK reports KD 315.3 million in net profit for six-month period of 2025 Bank's strong performance reflects its ability to navigate varying economic conditions KUWAIT: National Bank of Kuwait (NBK) has announced its financial results for the six-month period ended June 30, 2025, reporting a net profit of KD 315.3 million ($1.0 billion), compared to KD 292.4 million ($957.8 million) for the corresponding period in 2024, marking a year-on-year increase of 7.8 percent. Profit before tax reached KD 401.5 million ($1.3 billion) during the period, marking a 17.0 percent increase compared to KD 343.1 million ($1.1 billion) in the corresponding period of 2024. As of the end of June 2025, total assets rose by 15.9 percent year-on-year to KD 43.6 billion ($143.0 billion), while total loans and advances grew by 12.1 percent year-on-year, reaching KD 25.5 billion ($83.5 billion). Customer deposits grew by 9.5 percent on an annual basis, reaching KD 23.9 billion ($78.2 billion) by the end of June 2025. Meanwhile, shareholders' equity reached KD 4.2 billion ($13.9 billion), reflecting a growth of 10.3 percent year-on-year. The Board of Directors has opted to retain interim earnings till year-end, focusing on end of year final dividend distribution. The decision reflects the Board's commitment to strengthening the Group's balance sheet in seizing promising growth opportunities across its operating markets, particularly in light of the anticipated pickup in business activity in Kuwait, while maintaining flexibility in managing interim capital adequacy ratio. A robust strategy Commenting on the Bank's 1H2025 financial results, Hamad Al-Bahar, NBK Group Chairman stated, 'NBK's strong performance reflects its ability to navigate varying economic conditions, even amid heightened geopolitical challenges and global trade tensions stemming from recent US tariffs. The Bank's solid operational results underscore the strength of its well-established strategy, anchored in a diversified business model and prudent risk management.' Al-Bahar emphasized that NBK's strong balance sheet, solid capital base, and high asset quality reinforces the Bank's ability to deliver sustainable profitability and optimal returns for shareholders and customers, while continuing to support the prosperity of the communities in which it operates. Al-Bahar noted that the Bank achieved several milestones across various areas during the first half of the year, most notably its selection as Kuwait's Main Settlement Bank. He emphasized that this recognition reflects years of continuous investment in enhancing the Bank's digital infrastructure, which qualified NBK to meet the technical and operational requirements set by Kuwait Clearing Company (KCC); securing the highest ratings among participants in the Central Counterparty Project (CCP). Reflecting its long-standing commitment to sustainability, Al-Bahar noted that NBK has continued to make significant strides toward a more sustainable future. He pointed to recent upgrades in the Bank's ESG ratings by leading global agencies, including Morningstar Sustainalytics and MSCI, as clear recognition of NBK's dedication to environmental stewardship, social responsibility and sound governance practices. This was reinforced by the publication of the first allocation and impact report for its debut USD 500 green bond issued in June 2024, which is the first issuance of its kind in Kuwait. The report provides relevant information that highlights the allocation of proceeds from the green bond as of March 31, 2025 and the estimated environmental impact during the reporting period. Isam J Al-Sager NBK Group Vice Chairman and CEO Hamad Al-Bahar NBK Group Chairman Sustainable growth Meanwhile, Isam J Al-Sager, NBK Group Vice Chairman and CEO, said: 'Once again, NBK continues to affirm the resilience of its business model and its agility in navigating a shifting operating environment, consistently delivering profit growth across economic cycles. This performance underscores the strength of the Group's geographic diversification strategy and the effectiveness of its long-term approach to driving sustainable growth.' He noted that the Bank delivered solid operating performance across its core business segments during the first half of 2025, with the Group's net operating income rising by 3.1 percent year-on-year to reach KD 631.4 million ($2.1 billion). Al-Sager highlighted the strong contribution of the International Banking Group (IBG), as well as Boubyan Bank — the Islamic banking arm of NBK — to the Group's net operating income and profitability during H1 2025. In addition, NBK Wealth continues to strengthen its position as the leading wealth management firm in Kuwait and among the largest in the region; offering a comprehensive suite of private banking, wealth and investment management solutions and advisory services through an integrated global network. During the first half of 2025, NBK continued to deliver an enriched banking experience, underpinned by innovative solutions tailored to meet evolving customer needs. The Bank further reinforced its digital leadership by introducing a suite of carefully designed digital services and products aligned with customer expectations. He added that NBK remains committed to investing in technology and innovation as a core driver of growth, underscoring the Bank's focus on strengthening its competitive edge in the domestic market and expanding its presence across international markets. Regarding NBK's recent $800 million PNC6 Additional Tier 1 bond issuance, Al-Sager emphasized that strong investor demand afforded the Bank a notable pricing advantage. He noted that the order book peaked at $2.2 billion, with subscriptions exceeding 2.75x the issue size; driven by solid interest from a diverse base of global investors and financial institutions. The operational environment Commenting on the local operating environment, Al-Sager expressed cautious optimism regarding the outlook for project activity in the second half of the year and beyond. He pointed to the government's announcement of 141 projects under the 2025/2026 annual development plan, including large-scale ventures such as Mubarak Al-Kabeer Seaport, the expansion of the T2 passenger terminal at Kuwait International Airport, and the New Al-Sabah Hospital, as key drivers of anticipated momentum. Furthermore, he emphasized that the adoption of further economic legislative reforms would serve as a catalyst for accelerated economic growth, commending the government's commitment to enacting key legislation in the near term, including the anticipated approval of the mortgage law. He also underscored the importance of empowering the private sector to take a leading role in economic activity under Kuwait Vision 2035, noting that such measures are vital to enhancing the local business climate and supporting the growth of the national economy going forward. Prestigious awards During the first half of 2025, NBK garnered several prestigious accolades that reaffirm its leadership both locally and regionally. These included being named Best Bank in Kuwait - 2025, as well as receiving awards for Best Retail Bank and Best Bank for SMEs in Kuwait by MEED International Magazine. Euromoney magazine also honored the Bank with multiple accolades in 2025, naming NBK Kuwait's Best Bank for ESG, Kuwait's Best Bank for Large Corporates, and Kuwait's Best Bank for Diversity and Inclusion. Moreover, NBK has also garnered multiple accolades across the MENA region, including Best Loan Offering - 2025, Best Contactless Payment Experience, and Payment Solution for SMEs, awarded by MEED Magazine. Key financial indicators for H1 2025 •Net operating income stood at KD 631.4 million ($2.1 billion), up 3.1 percent year-on-year. •Total assets grew by 15.9 percent year-on-year, at KD 43.6 billion ($143.0 billion). •Total loans and advances increased by 12.1 percent year-on-year to KD 25.5 billion ($83.5 billion) •Customer deposits grew by 9.5 percent year-on-year to KD 23.9 billion ($78.2 billion). •Shareholders' equity amounted to KD 4.2 billion, ($13.9 billion) registering an annual growth of 10.3 percent. •Strong asset quality metrics, with NPL/gross loans ratio at 1.33 percent and an NPL coverage ratio of 252 percent. •Robust Capital Adequacy Ratio of 16.4 percent, comfortably exceeding regulatory requirements. Hamad Al-Bahar The Bank's strong financial performance underscores its ability to adapt effectively to shifting economic conditions
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Business Standard
6 hours ago
- Business
- Business Standard
India needs $2.4 trn to build climate-resilient infra by 2050: World Bank
India would need an estimated investment of over $2.4 trillion by 2050 and $10.9 trillion by 2070 to meet climate-resilient infrastructure and service needs for around 951 million people living in its urban centres, the World Bank said on Tuesday. With India's urban population expected to nearly double from 480 million in 2025 to 951 million by 2050, the report stated that climate change events, such as erratic rainfall, heatwaves, and rising sea levels, could leave urban areas in the world's most populous nation increasingly vulnerable. In its report titled Towards Resilient and Prosperous Cities in India, prepared in collaboration with the Ministry of Housing and Urban Affairs, the international financial institution recommended that the central government develop a dedicated national urban and state resilience programme addressing flood risks and extreme heat. It recommended the implementation of integrated urban flood risk management at national and state levels, with sustainable stormwater management at the city level, along with heat mitigation actions. 'Such plans across Indian cities could increase the gross domestic product (GDP) by up to 0.4 per cent and save up to 130,000 lives a year by 2050,' the report added. The World Bank claimed that India has yet to build over 50 per cent of the urban infrastructure required for 2050, providing it with a critical opportunity to drive resilient urban infrastructure development. Highlighting the high cost of retrofitting urban infrastructure, the Bank also emphasised the need for cities to strengthen defences against climate shocks while embedding resilience into future growth. Such a shift, it said, is essential to improving quality of life and ensuring sustained economic momentum. To counter this, the government has been advised to improve access to urban finance through better private sector engagement. 'Invest in resilient infrastructure and municipal services, energy-efficient and resilient housing, modernise solid waste management, and make urban transport flood resilient,' it added. The report also proposes setting up a national multisectoral task force consisting of representatives from key ministries to develop a new national programme on urban resilience. 'The task force can assess ongoing policies and schemes at the central, state, and municipal levels, and assess what works well and what can be improved,' it added. The Bank, however, warned of severe consequences if timely action is not taken. 'Cities could face escalating losses from more frequent and intense climate events such as floods, extreme heat, and water scarcity,' it stated. The report projects that urban pluvial or stormwater flooding-related losses, which currently cost between 0.5 and 2.5 per cent of the country's GDP annually, could double under a global high-emission scenario.
Business Wire
7 hours ago
- Business
- Business Wire
Farmers & Merchants Bank of Long Beach Reports 2025 Second Quarter Results
LONG BEACH, Calif.--(BUSINESS WIRE)--Farmers & Merchants Bank of Long Beach ('F&M' or the 'Bank') (OTCQX: FMBL) today reported financial results for the second quarter ended June 30, 2025. "As we enter the second half of 2025, all of our stakeholders—customers, shareholders, F&M team members, and community partners—should find great comfort in the Bank's continued strength and stability,' said W. Henry Walker, Chief Executive Officer. "Our solid deposit base, conservative loan portfolio, and balance sheet integrity remain cornerstones of our long-term strategy. All of our capital ratios not only meet, but far exceed regulatory requirements, underscoring the disciplined, resilient foundation we have built over time." Daniel Walker, F&M's Executive Chairman, added, "Loan demand across the communities we serve remains stable, a testament to the trust we have earned and the value we continue to provide. By offering competitive rates and maintaining a prudent approach to lending, our team is actively supporting local growth, while preserving F&M's financial health. Combined with our experienced, talented management team, we are well-positioned to reach our next growth plateau and to continue delivering results that benefit all those we serve." Operating Results For the second quarter of 2025, total interest and dividend income amounted to $105.1 million, compared with $108.7 million in the second quarter of 2024. Total interest and dividend income for the six months ended June 30, 2025 decreased to $209.8 million from $217.3 million reported for the six months ended June 30, 2024. Total interest expense for the second quarter of 2025 was $38.2 million, compared with $51.6 million a year ago. Interest expense for the six months ended June 30, 2025 was $78.7 million, compared to $102.8 million reported for the same period in 2024. Net interest income before provision for credit losses for the second quarter of 2025 rose to $66.9 million, from $57.1 million for the second quarter of 2024. Net interest income before provision for credit losses for the six months ended June 30, 2025 was $131.0 million, compared with $114.5 million for the six months ended June 30, 2024. F&M's net interest margin improved to 2.42% for the second quarter of 2025, from 1.92% for the second quarter of 2024. Net interest margin was 2.35% for the six months ended June 30, 2025, compared with 1.92% for the same period in 2024. For the second quarter of 2025, the Bank recorded a $3.3 million provision for credit losses, compared with a $1.0 million recapture of provision for credit losses in the second quarter of 2024. For the six months ended June 30, 2025, the Bank recorded a $1.3 million provision for credit losses, compared with a $3.5 million recapture of provision for credit losses for the six months ended June 30, 2024. Total non-interest income was $4.5 million for the second quarter of 2025, compared with non-interest income of $10.6 million for the same period last year. For the six months ended June 30, 2025, total non-interest income was $8.8 million, compared with $18.8 million for the six months ended June 30, 2024. Total non-interest expense for the second quarter of 2025 was $49.4 million, compared with $49.8 million for the second quarter of 2024. Non-interest expense for the six months ended June 30, 2025 was $97.4 million, compared with $99.8 million for the six months ended June 30, 2024. Second quarter 2025 net income increased to $13.9 million, or $112.71 per diluted share, from $13.5 million, or $107.86 per diluted share for the second quarter of 2024. Net income for the six months ended June 30, 2025 was $30.7 million, or $249.01 per diluted share, compared with $26.5 million, or $210.54 per diluted share, for the six months ended June 30, 2024. Balance Sheet Gross loans were $6.47 billion as of June 30, 2025 and December 31, 2024. The Bank's allowance for loan losses totaled $97.5 million, or 1.51% of loans held-for-investment at June 30, 2025, compared with $96.6 million, or 1.50% of loans held-for investment at December 31, 2024. The Bank's total deposits at June 30, 2025 amounted to $8.69 billion, compared with $8.77 billion at December 31, 2024. Noninterest-bearing deposits represented 34.2% of total deposits at June 30, 2025, and 33.2% at December 31, 2024. Securities sold under repurchase agreements decreased to $956.3 million at June 30, 2025, from $991.9 million at December 31, 2024. Borrowings were $300.0 million at June 30, 2025, a decrease of $200.0 million from $500.0 million at December 31, 2024. Total assets at June 30, 2025 were $11.40 billion, compared with $11.69 billion at December 31, 2024. Total stockholders' equity was $1.39 billion at June 30, 2025, up from $1.37 billion at December 31, 2024. Capital All of F&M's regulatory capital ratios are well in excess of regulatory requirements for a 'well-capitalized' financial institution. The Bank's total risk-based capital ratio was 19.16%; its tier 1 risk-based capital ratio was 17.91%, with a common equity tier 1 capital ratio of 17.91%, and a tier 1 leverage ratio of 12.18%, as of June 30, 2025. The minimum ratios for capital adequacy for a 'well-capitalized' bank are 10.00%, 8.00%, 6.50% and 5.00%, respectively. Stock Repurchase Program During the six months ended June 30, 2025, the Bank repurchased 704 shares of its common stock for $4.0 million on the open market at an average repurchase price of $5,661.92 per share. Under the stock purchase program, the Bank may purchase shares of its common stock through various means, including open market transactions and privately negotiated transactions, in each case, subject to applicable requirements and laws. To the extent the Bank repurchases shares, the number of shares repurchased and the timing of any repurchases will depend on a number of factors, including, but not limited to, stock price, trading volume, regulatory requirements, general business conditions and other factors. The Bank may choose to modify, suspend or discontinue such proposed purchases at any time and anticipates that any such repurchases will be funded from existing cash and cash equivalents or future cash flow. The stock repurchase program does not obligate the Bank to repurchase any specific number of shares in any particular period. About Farmers & Merchants Bank of Long Beach Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank provides white-glove service to clients at 27 branches from San Clemente to Santa Barbara, as well as through its Online and Mobile Banking platforms. The Bank offers commercial and small business banking, business loan programs, home loans, and a robust offering of consumer retail banking products, including checking, savings and youth accounts. Farmers & Merchants Bank is a California state-chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit the website, FARMERS & MERCHANTS BANK OF LONG BEACH Balance Sheets (Unaudited) (In thousands, except share and per share data) Jun. 30, 2025 Assets Cash and due from banks: Non-interest-bearing balances $ 82,499 $ 72,319 Interest-bearing balances 1,137,443 976,039 Total cash and due from banks 1,219,942 1,048,358 Securities available-for-sale, at fair value 61,725 281,219 Securities held-to-maturity, at amortized cost net of allowance for credit losses 3,446,813 3,687,417 Loans held for sale 626 1,132 Gross loans 6,467,871 6,467,991 Unamortized deferred loan fees, net (9,498 ) (8,811 ) Allowance for credit losses on loans (97,528 ) (96,585 ) Loans, net 6,360,845 6,362,595 Investments in FHLB and FRB stock, at cost 22,284 22,472 Bank premises and equipment, net 120,005 118,474 Deferred tax assets, net 43,446 42,427 Other assets 119,853 125,975 Total assets $ 11,395,539 $ 11,690,069 Liabilities and Stockholders' Equity Liabilities: Deposits: Non-interest-bearing deposits $ 2,971,470 $ 2,908,598 Interest-bearing deposits 1,744,930 2,047,524 Savings and money market savings 2,929,334 2,784,678 Time deposits 1,042,313 1,028,793 Total deposits 8,688,047 8,769,593 Securities sold under repurchase agreements 956,310 991,869 Borrowings 300,000 500,000 Other liabilities 62,830 59,724 Total liabilities 10,007,187 10,321,186 Stockholders' Equity: Common Stock, par value $20; authorized 250,000 shares; 122,126 and 122,728 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 2,443 2,455 Additional paid-in capital 164,398 169,136 Retained earnings 1,223,081 1,199,221 Accumulated other comprehensive loss (1,570 ) (1,929 ) Total stockholders' equity 1,388,352 1,368,883 Total liabilities and stockholders' equity $ 11,395,539 $ 11,690,069 Expand
Iraq Business
19 hours ago
- Business
- Iraq Business
CBI Re-Issues Tender for Currency Counting and Sorting Machines
By John Lee. The Central Bank of Iraq (CBI) has re-issued General Tender No. (2025/1) for the second time, inviting bids for the supply, installation, and operation of 68 currency counting and sorting machines for its branches in Basra (35 machines) and Mosul (33 machines). The tender covers both Iraqi and foreign currencies (USD and Euro), in line with the technical specifications and legal conditions outlined in the standard procurement document prepared by the Bank. The estimated total cost is IQD 1,186,600,000 (approximately 1.19 billion Iraqi dinars), funded from the 2025 investment budget allocations for the two branches. Legally authorised local agents of specialised international companies are invited to purchase the bid documents either: In person from the CBI Legal Department, Contracts Section, located at Building No. 2, 3rd Floor, Al-Rasheed Street, Baghdad, for a non-refundable fee of IQD 250,000; or Electronically via the designated procurement platform, with the same fee plus applicable digital service charges. Tender closing date is Sunday, 24 August 2025, and bids must be submitted to the Legal Department, Contracts Section, at the CBI headquarters in Baghdad. The selected bidder will bear all applicable taxes, publication, re-publication, and e-archiving fees under Iraqi law. (Source: CBI)
