Ramallah, Asharq Al-Awsat- Arab Islamic Bank (AIB) announced today that its third quarter net profits reached a new high, growing by 228% over 2004 net profits, and reaching USD2.2 million.
Total assets including restricted investment accounts rose by 16.3% reaching USD209.3 million, while total deposits registered 9.42% growth over 2004 results, reaching USD122 million compared to USD111.5 million, and with the addition of the restricted investment accounts, the balance reaches USD166.3 million compared to USD147 million by 2004 year end, achieving growth of 13.13% so far this year. Financing portfolio grew by 24% to USD86.1 million as of 30 September 2005.
Mr. Walid Fakhouri, Chairman and CEO of AIB, said: “The continued 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”.
Mr. Fakhouri said: “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.