With net profits up 216% to $93m, total assets up by 181% to $4.4bn and Tier 1 capital up 146% to $358m, this relatively new bank is seen to be creating a new banking paradigm in Iran as well as producing a very healthy 43% RoE.
Adopting the best international banking practices and corporate governance, EN Bank has increased its branch network from 26 branches in 2005 to 150 in July 2007, and is expected to expand to 300 by March 2008. In the year to end-March 2007, the bank increased deposits by 185% to $3.7bn, expanded documentary letters of credit by 483% to $586m, tripled employee numbers to 1240 and introduced 200 ATMs.
“Winning the award for the bank of the year in the Islamic Republic of Iran is not only a big success and great achievement, but also EN Bank feels a strong sense of responsibility towards creating more value for customers and shareholders along with more sustainable competitive advantage,” says CEO Jalal Rasoulof. “We are hoping this achievement could provide, expand and facilitate the bank’s worldwide banking activities, as well as the vision of sustainable success.”
