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BAIDURI BANK ANNOUNCES RECORD-BREAKING RESULTS SINCE LAUNCHING
2 June 2003

Baiduri Bank announces record-breaking operating results of $26m since the Bank was launched 9 years ago

The Board of Directors of Baiduri Bank has approved the accounts of the Bank Group for the year ended 31st December 2002.

The results show operating income of $26m before taxation and provisions, an increase of 18% from 2001. This is mainly due to increases in interest income by 27%. During the year, the Bank Group has increased in size in both the Balance Sheet and its volume of activities. Customer deposits have risen by 33% to $1.2 billion and total balance sheet has grown by $168m in comparison to 2001.

The Bank’s sterling performance for 2002 culminated in a prestigious “Bank of the Year” award from the Banker’s Magazine, UK.

The 2002 results were achieved with support from its valued clients, the dedication and professionalism of its staff and the support from its shareholders.

Based on 1st quarter’s results, the bank anticipates 2003 to be another year of success, which will be achieved through both its prudent approach to lending and offering of innovative financial products and services

 
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