| Financial Strength | Long - Term | Short - Term | |
| Moody's | C | Aa3 | P-1 |
| Capital Intelligence | A | A | A1 |
| Standard & Poor's | - | A- | A-2 |
| Fitch Ratings | B/C | A | F1 |
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) | |||
30/06/2008 | 31/12/2007 | 30/06/2007 | |
KD 000's | KD 000's | KD 000's | |
ASSETS | |||
Cash and short term funds | 191,623 | 370,024 | 433,976 |
Treasury and Central Bank bonds | 262,595 | 207,645 | 230,597 |
Due from banks and other financial institutions | 1,281,322 | 1,205,261 | 880,869 |
Loans and advances | 2,293,399 | 2,214,221 | 1,884,976 |
Investment securities | 186,993 | 240,985 | 226,926 |
Premises and equipment | 28,705 | 27,648 | 24,388 |
Goodwill and intangible assets | 18,670 | - | - |
Other assets | 34,575 | 23,509 | 12,812 |
___________ | ___________ | ___________ | |
TOTAL ASSETS | 4,297,882 ___________ | 4,289,293 ___________ | 3,694,544 ___________ |
LIABILITIES AND SHAREHOLDERS' FUNDS | |||
LIABILITIES | |||
Due to banks and other financial institutions | 1,106,160 | 1,009,496 | 1,105,064 |
Customer deposits | 2,596,050 | 2,635,850 | 2,012,700 |
Subordinated loan | 15,888 | 16,380 | 17,284 |
Other liabilities | 103,291 | 100,551 | 82,160 |
___________ | ___________ | ___________ | |
Total liabilities | 3,821,389 | 3,762,277 | 3,217,208 |
___________ | ___________ | ___________ | |
SHAREHOLDERS' FUNDS | |||
Share capital | 127,202 | 121,145 | 121,145 |
Proposed bonus shares | - | 6,057 | - |
Treasury shares | (22,626) | (7,223) | (1,185) |
Reserves | 255,525 | 260,131 | 260,974 |
| Retained earnings | 115,538 | 44,372 | 96,402 |
Proposed dividend | __________- | ____102,534 | __________- |
475,639 | 527,016 | 477,336 | |
Minority interest | 854 | - | - |
___________ | ___________ | __________ | |
Total shareholders' funds | 476,493 | 527,016 | 477,336 |
___________ | ___________ | ___________ | |
TOTAL LIABILITIES AND | 4,297,882 ___________ | 4,289,293 ___________ | 3,694,544 ___________ |
The Interim consolidated financial information has been approved for issue by the Board of Directors on 8th July 2008 and signed on their behalf by: | |||
CONDENSED CONSOLIDATED STATEMENT OF INCOME | |||
30/06/2008 | 30/06/2007 | ||
KD 000's | KD 000's | ||
Interest income | 132,156 | 100,597 | |
Interest expense | (71,779) | (54,278) | |
___________ | ___________ | ||
NET INTEREST INCOME | 60,377 | 46,319 | |
| 15,457 | 11,001 | |
| Fund management fees | 1,169 | 924 | |
Dividend income | 4,661 | 7,760 | |
Net gains from dealing in foreign currencies | 2,817 | 2,190 | |
Net gains from investment securities | 29,636 | 13,083 | |
Other operating income | 525 | 373 | |
___________ | ___________ | ||
OPERATING INCOME | ___114,642 | __81,650 | |
Staff | (9,280) | (8,113) | |
General and administration | (6,420) | (5,071) | |
Depreciation | (914) | (602) | |
___________ | ___________ | ||
OPERATING EXPENSES | ___(16,614) | ___(13,786) | |
PROFIT BEFORE PROVISIONS | 98,028 | 67,864 | |
Impairment and other provisions | (24,175) | (4,648) | |
___________ | ___________ | ||
PROFIT FROM OPERATIONS | 73,853 | 63,216 | |
Taxes and contributions | (3,187) | (2,194) | |
Directors' fees | (130) | (109) | |
___________ | ___________ | ||
NET PROFIT FOR THE PERIOD | 70,536 | 60,913 | |
___________ | ___________ | ||
| Attributable to: | |||
| Shareholders of the Bank | 70,469 | 60,913 | |
| Minority interest | 67 | - | |
___________ | ___________ | ||
70,536 | 60,913 | ||
___________ | ___________ | ||
| Earnings per share attributable to shareholders of the Bank (fils) | _______55.8 | _______48.1 | |