AIB half year profits soar to reach USD 1.11 million

'The half year net profit for 2005 also came higher than the full year results recorded for 2004, which stood at USD 971 thousand; a record breaking achievement for AIB,' AIB Chairman of the Board, Walid Fakhoury, said in a statement.

In addition, AIB's financial position rose to USD 206 million compared to USD 187 million for the same period last year, the chairman stated.

He also went on to saying that the bank's diversification strategy succeeded to build a strong asset resource as deposits grew up to USD 120 million in the first half compared to USD 111 million in 2004. Shareholders' rights also rose by 23% up to USD 21 million compared to USD 17 million in 2004.

AIB's credit facilities grew by 3% to reach USD 72 million, also assets grew by 10% in the same period to USD 159 million, against USD 144 in the first half of 2004.

The results came as a real expression of the objectives of the bank, which aim at reinforcing the strength of its capital and shareholders' rights. It also represents a new direction in expanding the bank's scope of business in financing retail consumers, institutions and the public sector, Fakhouri indicated.

The Arab Islamic Bank also succeeded recently to fulfill its paid capital and noticeably strengthen its shareholders' rights.

'It needs to be noted that the achievements are attributed to the bank's effective operations and its prompt response to the market requirements,' Fakhouri explained. He also related the success of the bank to effective management, innovative and efficient services as well as qualified resources that are continuously extended to customers.

'I should also mention the fact that the Palestinian economy is experiencing a growth rate that is remarkable in the region being one that recorded high volumes by all measures,' he further added.

'2004 was a good year for the bank. Our market share grew tremendously and we explored new geographies and targeted segments which resulted in the growth and diversification of the bank's financing portfolio,' Fakhouri added.

AIB's slogan 'Way of Life' embodies the bank's vision, which aspires to make Islamic Banking as the preferred choice for banking as well as facilitate the implantation of an equitable economic system.

Fakhouri thanked the bank's customers, staff, senior management and shareholders for being the drivers of these results. He also thanked the Palestinian Monetary Authority, Ministry of the Economy, Financial Regulator, the Palestinian Financial Market, and the Ministry of Interior for their efforts in maintaining stability despite difficult circumstances in Palestine.