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$1.4 million is the current year's semiannual income of the bank,,, Talal Naseraldein: the expansion process for Alrafah Microfinance bank is according to schedule,,, Al Suaidi: the profits had exceeded the estimated budget by %100.

2009-08-30

The revised financial results that have been approved by the PMA indicated that net income of Alrafah Microfinance bank (newly established) reached $1.40 million in the first half of the current year growing from approximately $203 thousands in the first half of the previous year increasing by %500. The board chairman Talal Naseraldein said that these excellent results had been achieved in virtue of the expansion policy that had been applied by the bank"s management in the second half of last year and the first half of the current year, whether by opening new branches or offering new products that had enhanced the main activity of the bank which is Micro lending. In accordance, Naseraldein pointed out that the current year witnessed the opening of two branches in Jenin and Dora, to raise the bank branches to five. Naseraldein assured that the bank is implementing its strategic plans that had been approved by the board of directors for the period of (2007-2010), adding that "the bank"s financial results indicated that things are going on plans and better, where operating profits in the first half of the current year had exceeded the estimated budget for the same period by %100 and these results are excellent within all standards".