Taib Bank Net Profit Rises 22%

MANAMA, 25 August 2005 — Bahrain-based Taib Bank posted a net income of $9.4 million in the first six months of 2005, up 22 percent from the same period last year. Total assets at the end of June stood at $378 million compared to $388 million at the end of 2004, the international private bank said in a statement received yesterday. Operating income increased about 13 percent to $17.8 million. The sale of investments contributed more than 50 percent of operating income, the statement said, mainly from three UK real estate investments worth a total of around $257 million.