Alrafah Microfinance Bank, newly established, has announced in its disclosure to the PSE for the first quarter of 2007 that profit before taxes are $ 130,000 (%255 more than it was expected). The bank referred that to the increase of returns on interests and commissions caused by the increase in promotions (%29) and the decline in operating expenses (%12).
The bank’s assets were distributed among deposits and cash in other banks $ 28.323 million, credit $ 11.887 million and stock market investment $ 9.222 million, in addition to the fixed assets of $ 1.853 million and $ 1.342 million in other assets. The bank’s deposits reached $ 23.7 million, %47 more than the same period last year and % 61 more than last quarter.
The bank states that it tried to diversify its financial resources, as regulated by PNA finance procedures. It also explained that it is done preparing its strategic plan till year 2010, which gives the priority for completing its banking network in and outside
. The plan also aims at to serve 140 thousand small project managed by low income individuals who are able to actively create job opportunities and generate the added value.