IBB beats market gloom with strong overall growth and increase in operating revenues
19 September 2008
Adverse market conditions failed to affect IBB’s performance which has demonstrated the following strong results over the first six months of this year:
The Bank continued to show steady growth in customer numbers, deposits and financing and to reduce operating expenses compared to the same period last year.
Some performance highlights:
- Growth in customer numbers of 5.5%
- Growth in deposits of 7.2%
- Growth in customer financing of 13.3%
The operating loss for the half year was reduced by 21% to £3.1 million compared to the same period last year (6 month period ended 30 June 2007: £3.9 million). This was achieved through an increase in operating income of 22% to £2.6 million, and a 6% reduction in operating expenses to £5.7 million.
IBB’s strong performance was underpinned by several important developments and product launches, helping to strengthen its position as a leader in British retail Islamic Banking.
Gerry Deegan, Managing Director added, “IBB has demonstrated strong and steady growth in customer numbers, deposits and financing during 2008 compared to the same period in 2007. This has been underpinned by the launch of key products, such as the Home Purchase Plan, which further consolidate IBB’s position as the pioneer of British Islamic Banking. Market conditions are challenging, however, IBB maintains its success due to its robust business strategy, which is focused on delivering innovative products in order to diversify our revenue stream, and maintaining efficient operations, to ensure our operating expenses remain low and we forge ahead with sustained growth.”
About Islamic Bank of Britain
Islamic Bank of Britain has pioneered Sharia’a-compliant retail banking in the UK and has launched a wide range of products, including current accounts, savings accounts, personal finance and home purchase plans. The bank was also the first to introduce Sharia’a-compliant Business banking to the UK, and now offers a wide range of institutional and business banking products and services, including commercial property finance.
The Bank is authorised and regulated by the Financial Services Authority and meets UK banking regulations and strict safeguards for customer deposits. All products offered by the Bank are fully approved by the bank’s Sharia’a Supervisory Committee (SSC).
Whilst IBB offers products and services that are designed in accordance with Sharia’a principles, it is an inclusive bank and welcomes customers of all faiths.
Sharia’a-compliant banking operates without the use of interest (also known as “Riba” to Muslims). The products that are offered are structured in a different way to those provided by conventional banks. The Bank uses the latest technology to ensure that it provides customers with a reliable and quality service on a par with other banks in the UK.
Click here to open or download a complete version of the IBB 6 month 2008 Interim Results
Issued by Islamic Bank of Britain PLC, Edgbaston House, Birmingham B16 8NH