Bahrain-based TAIB Bank has reported a net profit of $2.1 million for 2003 compared with a $10.5 million loss in 2002.
According to the bank's CEO and Vice Chairman Iqbal G. Mamdani, TAIB had held off declaring its 2003 profit until it completed its new capital subscription. The bank, he said, "re-focused its business strategy to become a private bank, sold select investments, and significantly restructured its balance sheet. These strategies helped TAIB achieve $24 million of gross revenue before expenses, more than double 2002's $9.9 million amount."
While revenues in 2003 showed sharp growth, TAIB's expenses increased by only 11 percent last year. That increase was largely due to the Bank's move to its new premises in Bahrain, related non-cash depreciation, and relocation costs. TAIB also repaid long-term debt to further strengthen its balance sheet.
TAIB Bank announced plans to convert into a private bank in November, focused on serving high-net-worth individuals, families and institutional clients. TAIB will primarily serve clients with investment holdings of between three and $15 million. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
