TAIB Announces Substantial Increase in First Quarter Profit
Announcing this in Bahrain today, Mr Iqbal G. Mamdani, Vice Chairman and Chief Executive Officer, said “we are happy that our Total Operating Income (TOI) for the first quarter of 2005 was US$ 6 million, as compared to approx. US$ 4.4 million for the same period last year, representing an improvement of about 36%. The significant components of TOI in this regard were the income from the sale of investments which contributed approx US$ 1.5 million and approx. US$ 1 million in respect of net interest and similar income. We were also able to reduce other operating costs by about 15%, as compared to the first quarter of 2004”.
“ We are moving through the phase of transitioning into a full-fledged private bank, and we are certainly on the road to achieving our objective in 2005, namely, to bring back the profitability of the Bank to the levels of 2001 and earlier, but with a much stronger balance sheet than before”, Mr Mamdani concluded.
As at the end of March 2005, TAIB Bank’s total assets stood at US$ 362 million, as compared to US$ 388 million as at the end of 2004, while Shareholders Equity stood unchanged at approx. US$ 155 mm.
During the first quarter of 2005, the Bank finalised one new real estate investment transaction in the United States of America, aggregating approx. US$ 26 million, and was also able to offer an attractive real estate investment opportunity in a GCC country to its investor clients. In keeping with its strategy, the Bank also exited from two of its real estate investments in early 2005, one in the United States and another in the United Kingdom of an aggregate value of approx. US$ 135 million. 5 new investments are currently in the pipeline – 1 in the GCC, 3 in the United Kingdom, and one portfolio in the United States of America. 5 of TAIB’s 12 Funds performed better than their benchmark indices in the first quarter of 2005.
TAIB Bank B.S.C (c), an international Investment Bank focussed on Private Banking and wealth management based in Bahrain and listed on the Bahrain Stock Exchange, conducts its activities in the regional markets of the Gulf, Europe, United Kingdom, United States of America, India, Turkey and Kazakhstan.
© 2005 Mena Report (www.menareport.com)