Addax records net profit of $11.8 million in 2006

MANAMA — Bahrain-based Addax Investment Bank (Addax) registered a consolidated net profit of $11.8 million in 2006, a growth of over 265 per cent compared to the corresponding period in the previous year.

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Published: Tue 20 Mar 2007, 9:02 AM

Last updated: Sat 4 Apr 2015, 10:53 PM

Highlighting the primary factors that contributed to the revenue in 2006, the bank's Chief Executive Officer, Yousef Al-Essa said that "it was due to the fee and commission income and income from investments activities, which resulted in the year on year growth of 213 per cent in total revenues". He further noted that "at the end of 2006, total assets of Addax stood at $69.7 million, an increase of 361 per cent and the Shareholders' Equity increased by 83 per cent over the previous comparable period ". Expressing satisfaction over the bank's performance in 2006, he said, "It is special to us because we achieved record results in the year and despite challenging market conditions, we continue to grow at an extremely fast pace."

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