Bank Al-Jazira Profit Soars 278%

JEDDAH, 13 July 2005 — Bank Al-Jazira announced yesterday that profits for the first half of 2005 increased by 278 percent. The second quarter saw unprecedented net profits that reached SR254.3 million compared with SR67.3 million for the same period last year. Mishari Al-Mishari, CEO of the bank, said that this increase coincides with the bank’s success in implementing its strategy and plan for transforming all the bank’s branches to branches that provide only modern banking services and products that comply with Shariah in addition to the excellent customer service and expansion of branches. Customer deposits increased to SR9,923.6 million compared to SR7,056.6 million for the same period last year.