In 2005, net profits rose by 73% based on enhanced retail banking services and cost control, while total assets grew by 60.7% on the back of further initiatives in the agricultural sector, electronic banking and foreign currency.
For the third year in succession, the bank has had the highest growth rate in the collection of deposits among all banks, at 30%, compared with the 25% average for the industry. It has also grown through expansion of lending, and projects in the tourism, water and energy sectors.
CEO and chairman, Seyyed Hassan Noorbakhsh, says: “I attribute this award for the fourth year in succession to the efforts of all bank employees and their innovative ideas on customer care. We have made decisions and taken actions aimed at both providing broader support to agriculture and strengthening our position as a retail and high street bank.”
“The bank’s measured performance of marked increases in assets, Tier 1 capital and net profit, as well as the highest growth in deposit collections in the Iranian banking community and a substantial increase in the number of customers, signifies a concerted effort by us all to continuously improve our practices and implement reforms, many of which stem from internationally recognised standards and recommendations, such as Basel II,” says Mr Noorbakhsh.
