April 25, 2006
Shamil Bank Posts US$ 11.3 Million 1st Quarter Profit
Shamil Bank announced a net profit of US$ 11.3 million for the 1st quarter ending 31 March 20
06, reflecting an increase of 10 per cent over US$ 10.2 million earned in the same period last year. The earnings per share for the 1st quarter of 2006 increased to US$ 0.049 from US$ 0.045 for the same period last year.
The Bank's consolidated total assets increased by US$ 0.4 billion to US$ 1.9 billion during the 1st quarter 2006 from US$ 1.5 billion as at 31 December 2006.
Mr. Mohamed Hussain, Chief Executive of Shamil Bank, commenting on the 1st quarter result said: “The Bank is doing fairly well in retail and investment banking areas showing steady growth. Profits have been continuously growing over the past five years. This trend is now gathering momentum with the new business measures taken by the management such as bolstering of activities in the retail and investment banking areas as well as diversifying into financial and IPO advisory services. The Bank is also in the process of studying a number of investment opportunities which will be offered to investors soon.”
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