LOC18:51
15:51 GMT
DAMASCUS, June 25 (KUNA) -- Cham Bank, the first Sharia-abiding bank in
Syria, said Friday its revenues grew by 96.7 percent in 2009 compared with the
figures of the previous year.
The bank made record high revenues from crediting activities which hit 297.
275 million Syrian pounds (a US dollar equals SYP 45.79) before deducting the
dividends of depositors, said Jamal Abdul-Hameed Al-Mutawa', chairman of the
bank and former CEO of the Commercial Bank of Kuwait (CBK).
The total value of deposits and credits of the bank topped SYP 4.216
billion last year, he said in a press release here.
The financing services for individuals and retail sector exceeded one
billion pounds in 2009, compared with less than 500 billion in the previous
year, Al-Mutawa' explained.
The dividends of shareholders topped SYP 1.823 billion, he added.
Al-Mutawa' attributed the excellent results to the adoption of a new
strategy which helped transform the bank from an investment bank to a
commercial one.
Cham Bank, a private bank in the charter of a Syrian Joint stock company,
Was established on September 7, 2006 with a capital of SYP five billion (USD
100 million) to which the CBK contributed SYP 1.6 billion. (end)
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