Banking - Iraq

  • Iraq
  • In Iraq, the projected Net Interest Income in the Banking market for 2024 is expected to reach US$11.19bn.
  • It is worth noting that Traditional Banks dominate this market segment, with a projected market volume of US$11.10bn in 2024.
  • Based on the projected annual growth rate (CAGR 2024-2029) of -0.07%, the Net Interest Income is expected to increase steadily, resulting in a market volume of US$11.15bn by 2029.
  • In the global comparison, it is important to mention that China is expected to generate the highest Net Interest Income, with US$4,332.0bn in 2024.
  • Iraq's banking sector is witnessing a surge in digital banking services, as more consumers embrace online banking and mobile payment options.

Key regions: United States, China, Japan, Brazil, United Kingdom

 
Market
 
Region
 
Region comparison
 
Currency
 

Analyst Opinion

Iraq's Banking market is experiencing significant growth and development, driven by various factors influencing the industry in the country.

Customer preferences:
Customers in the Iraqi banking market are increasingly leaning towards digital banking solutions, seeking convenience and efficiency in their financial transactions. The demand for online banking services, mobile banking apps, and digital payment options is on the rise as customers look for ways to manage their finances conveniently.

Trends in the market:
One notable trend in the Iraqi banking market is the increasing focus on financial inclusion. The government and financial institutions are making efforts to expand access to banking services to underserved populations, including those in rural areas. This push towards financial inclusion is not only driven by regulatory requirements but also by the potential for growth and expansion in untapped markets.

Local special circumstances:
Iraq's banking sector has been undergoing reforms to enhance transparency, governance, and compliance with international standards. The country's banking industry is also adapting to geopolitical challenges and security concerns, which have historically impacted the stability and growth of the sector. Despite these challenges, the banking market in Iraq is resilient and shows potential for further development.

Underlying macroeconomic factors:
The development of Iraq's banking market is closely tied to the country's overall economic growth and stability. As Iraq continues to recover from years of conflict and instability, there is a growing need for robust financial infrastructure to support economic development. The government's initiatives to modernize the banking sector and attract foreign investment play a crucial role in shaping the future of the industry in Iraq.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.

Additional Notes:

The market is updated twice per year in case market dynamics change.

Overview

  • Net Interest Income
  • Analyst Opinion
  • Users
  • Deposits
  • Loans
  • Credit Card Interest Income
  • Mobile Banking
  • ATMs & Bank Branches
  • Methodology
  • Key Market Indicators
Please wait

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)

Mon - Fri, 9am - 5pm (SGT)

Contact Ayana Mizuno
Ayana Mizuno
Junior Business Development Manager– Contact (Asia)

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)