In the latest year, EN boosted net profits by 36.4% to reach $116m as well as expanding its total assets by 86.5% to $8.2bn, more than five times the total two years previously.
In key developments, EN increased its branch network from 25 in 2005/06 to 180 in 2007/08, the fastest expanding branch network of the private banks. In the latest year, deposits rose by 80% to $6.9bn, the volume of letters of credit jumped 124% to $1.3bn and the number of customers increased by 50% to just over three million.
In addition, 13 specialised companies have been established both inside and outside the country in banking, insurance and leasing, including specialist asset management subsidiaries. The bank has also established an active presence in Iraq, Kyrgyzstan and Dubai while expanding its electronic payment system (including mobile banking), increasing the number of ATMs by 161% to 522 and introducing internet banking.
Dr Jalal Rasoulof, CEO of EN Bank, says: “The bank, trusted by both domestic and international clientele, has steadily made every endeavour to develop and consolidate its resources, capabilities and core competencies so as to remain at the cutting-edge of the banking industry.
“Looking from a broader perspective, we realise that customers, technology, services, business process, human resource behaviour and human capital as well as the bank’s strategic business partnerships have provided a sound and solid foundation for EN Bank to enter the arena of today’s ever-changing, competitive and knowledge-based society.”
