TAIB Bank half-year profits down

23 August 1996

The Bahrain-based TAIB Bank has posted half-year profits for the first six months of 1996, marginally down on the previous year.

Net profits to 30 June 1996 stood at $4.8 million compared with $5.1 million for the same period the previous year.

Total fees and other income grew by more than 10 per cent, to represent 65 per cent of total operating income. The bank said this has been achieved by increases in securities trading income and fee income generated from the bank's merchant and investment banking units.

Vice-chairman and chief executive officer Iqbal Mamdani said that the bank is satisfied with the results, despite the fall in profits.

Total assets stood at $280.3 million on 30 June 1996 up 1.6 per cent on 30 June 1995 and loans and advances accounted for $62.7 million, slightly down on 1995. TAIB has interests in the Middle East, Central Asia, Europe and the US. In 1995, it formed a joint-venture merchant bank in India with 10 Indian groups.

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