The Bank's operating profit before Value Added Tax for the nine months ended September 30, 2015 increased to Rs 225.2 million. Chief Executive Officer Mohamed Azmeer said the Bank has been successful in achieving four successive quarters of profits, starting from Q4 in 2014.

"This promising upward trend resulting in higher than anticipated profits is owing to the revenue growth achieved by the Bank demonstrating the unique value proposition of its model and gaining widespread acceptance.

Bolstered by strong growth in revenue and effective cost management the profit of Rs 121.2 million recorded for the first nine months of 2015, demonstrates a significant improvement of Rs 290 million or 171.8% when compared with the loss of Rs 168.7 million posted in the corresponding period of 2014.

The Bank's top line recorded impressive growth with Financing Income reaching Rs 2 billion while Net Operating Income grew by 31.8% to stand at Rs 1.4 billion.

It is also supported by the Bank's continuous focus in cost management and service excellence. The avenues of growth, reflects our focus of being a Retail and SME Bank, in line with the Bank's 5 year strategic plan."

Having started the year with Rs 34.9 billion in Total Assets, the Bank's asset base grew up to Rs 43.4 billion during the nine months recording an impressive growth of 24.5%. Customer Advances and Customer Deposits showcased noteworthy improvements closing at Rs 30.2 billion and Rs 34.8 billion respectively.

(Daily News)