Addax Bank net profit soars 71% to $20m

Gross consolidated income for the year increased by 77% to $33.7m compared with $19m for 2006. The increase was primarily on account of fees and advisory services, generated from structuring and placement of new investment opportunities for clients, which continued to play a major role in the bank's profitability. Total fee income rose by 147% from $9.4m in 2006 to $23.4m in 2007. Net income for the period represented a weighted average return on equity of 67.5%.

"In addition to the robust performance which proves our ability to generate record profits year after year, our successful capital raising exercise in 2007 reflects the confidence investors have in us, and underlines our leading presence in the Middle East's investment banking sector," said Chief Executive Officer Yousef Al Essa.

"Furthermore, winning the "Best New Bank" and other awards during the year, marks a significant milestone in the bank's short history, and will definitely have a positive effect on the our future performance."

"These outstanding results could not have been achieved without the continued support of our clients, and the hard work and dedication shown by the team of professionals at the bank," added Mr. Al Essa.

Shareholders' Equity crossed the $100m mark, following the bank's successful capital raising exercise in the latter part of the year.

Total assets increased by 123% to be at $155m at the end of 2007 in comparison to $70m at the end of 2006 year, and the Shareholder's equity rose to $108m compared to $26m at the end of in 2006.

As of 31 December 2007, the bank's earnings per share stood at $1.05 compared to $0.92 as at 31 December 2006.

Based on these excellent results, the General Assembly of the shareholders on the 9th of February, 2008 approved the distribution of 30% dividend in the form of bonus shares.