Addax Bank's net profit up 71% in 2007

Dubai: Bahrain-based Addax Bank yesterday reported a consolidated net profit of $20.2 million for the year ended December 31, 2007, an increase of 71 per cent over the previous year.

Gross consolidated income increased by 77 per cent to $33.7 million compared with $19 million for 2006.

The increase was primarily gained from fees and advisory services, generated from structuring and placement of new investment opportunities for clients, which continued to play a major role in the bank's profitability.

Total fee income rose by 147 per cent from $9.4 million in 2006 to $23.4 million in 2007.

"In addition to the robust performance, our successful capital raising exercise in 2007 reflects the confidence investors have in us,," said Addax Bank chief executive officer Yousuf Al Eisa.