In 2007 the bank increased its Tier 1 capital by a significant 87% to $1.3bn while expanding assets by 43% to $11bn and net profits by a strong 39% to $218.9m, providing a very healthy 25.8% return on equity. In the first three quarters of 2008 it continued its exceptional performance with a remarkable 43.9% growth in net profits.
Internationally, the bank opened a branch in Riyadh, Saudi Arabia, and has acquired a 35% stake in Pakistan-based Saudi Pak Commercial Bank to add to its 49% stake in Bahrain’s BMI Bank and Dubai representative office.
The bank, which has the largest multi-channel distribution network including 115 branches and 283 ATMs, increased its market share of savings deposits from 41.2% to 45.2% at year-end 2007, increasing its customer base from 420,000 in 2006 to 572,000 at the end of 2007. It also benefited from increasing economies of scale and operational efficiencies which helped lead to an improved cost-income ratio of 40.7% and reduced non-performing loan ratio of 2.7%.
