Ramallah - Arab Islamic Bank (AIB) has recorded a net profit of $2.2 million in its third quarter financial results, registering a growth by 228 per cent over 2004 net profits.
Total assets including restricted investment accounts rose by 16.3 per cent reaching $ 209.3 million, while total deposits registered 9.42 per cent growth over 2004 results, reaching $122 million compared to $111.5 million, and with the addition of the restricted investment accounts, the balance reaches $166.3 million compared to $147 million by 2004 year end, achieving growth of 13.13 per cent so far this year. Financing portfolio grew by 24 per cent to $86.1 million as of 30 September 2005.
Walid Fakhouri, Chairman and CEO of AIB, said: "The continuous growth the bank is witnessing reinforces its position in the Palestinian financial sector. This is demonstrated by the healthy growth rate we have witnessed in assets, deposits and our investments portfolio. This achievement reflects the high level of confidence our customers and shareholders have in the bank. We continue to prove that our plans and strategies for future growth are succeeding. As a leading Islamic bank in the region, we have a clear vision that inspires us, along with the continued support we receive from our stakeholders".
The bank invested heavily in the latest technology over the period, in order to deliver superior service levels to customers. This has helped to differentiate the bank from its competition in the Palestinian market. AIB also recently opened a new branch in the American University campus in Jenin and is planning to set up new branches as part of its strategy to expand and provide its services to all sectors of the society, added Fakhouri.
© Khaleej Times 2005
