Financial indicators in light of changing bank capital

 Gross profit:

The total profit in the first quarter of 2006 ending July 31 was 673 million Iraqi dinars compared to 2484 million dinars profited during the same season in 2007, a growth rate of 269%.

The bank's financial status during the abovementioned period of time was 224 by the end of March 2007 while the financial status was 46 billion dinars at the end of March 2006, a growth rate of 386% due to increased sources of funds, particularly capital increase from 25 billion dinars to 100 billion dinars at the beginning of 2007, as well as increasing the current accounts and deposits to customers, and increased use of credit funds, especially cash. In addition, the bank managed to gain new customers with the financial ability and status as well as economic distinguished and well-capitalized goods.

The bank’s investment increased to reach 950 million dinars by the month of March 2007 while it was 475 million dinars in March 2006. The growth rate was 97%.

The overall balance of deposits by the end of March 2007 was 79 billion dinars while it was 33 billion dinars in March 2006, an increase rate of 139%.

The overall cash credit was 35 billion dinars at the end of March 2007 while it was 13.6 billion dinars at the end of March 2006, a growth rate of 157%.

The bank was witness to an evolution and growth revenues which reached 3826 million dinars by the end of March 2007 while it was 968 thousand dinars at the end of March 2006, an increase rate of 294%.

Increased activity of the bank by attracting new customers thus leading to an increase of the bank’s operations, especially in the area of foreign transfers and opening documentary credits, and increase in other banking activities of monetary and credit promissory.

All of this led to the growth of the Bank's profits and the net profit for the year 2006 rose in comparison to the previous year. The net profit for 2006 edged up to 1.348 million Iraqi dinars, while it was 847 million Iraqi dinars in 2005. The growth rate was 60%. The surplus edged up to 3006 million dinars before tax reduction and other expenses while it was 1536 million dinars by the end of 2005, a growth of 96%.

The bank's financial status at the end of 2006 reached the limits of 83 billion dinars in comparison to the 50 billion dinars reached at the end of the previous year. So the rate of increase was 64% due to increased sources of funds, particularly capital increase to 25 billion Iraqi dinars by mid-2006, as well as an increase in current accounts and deposits to customers, and increased use of credit funds, especially cash.

The bank increased its investments by the end of 2006 to reach the amount of 950 million dinars while the investment was 325 million dinars by the end of 2005. This has led to increased investment Revenues reaching 432 million dinars after it was 250 million dinars in 2005. The balance of fixed assets by the end of 2006 totaled 8 billion dinars while the total by the end of 2005 was 851 million dinars.

The bank doubled its efforts to encourage clients to save and attract more savings and deposits of various kinds and sources, by increasing interest rates on savings accounts and time deposits for the depositors.

The overall balance of deposits reached 49 billion Iraqi dinars at the end of 2006 while it was 35 billion Iraqi dinars at the end of 2005. This indicator will increase the confidence of customers and bank depositors and material evidence of the success of the bank in the development of policies and working methods.

The bank granted loans and banking facilities to its customers in order to encourage them to participate actively in building and construction projects. The overall credit cash has reached the amount of 28 billion dollars at the end of 2006 while it was 11 billion dinars at the end of 2005.

Revenues:
The bank was witness to an evolution and growth when the Revenues of various banking operations hit the boundaries of 4.3 billion dinars while it was 2.1 billion dinars at the end of 2005, an increase of 104%.