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Tunisia : Nothing to say about Amen. It is sound and health.

Upon an optimistic and positive note, Ahmed El Karam, C.E.O. of Amen Bank presented, on Wednesday October 29th 2008, the financial health of hisbank, during the nine first months of his year. Optimism, explained the C.E.O. of this family bank is the result of the bank net product of about 185 MDT, with a growth of about 17.1%. An increase which is mainly the consequence of financing, with a growth of 15% in credits dedicated to enterprise coaching and to the development in credits allocated to consumers. The results of the bank, underlines A. Karam, are the result of the fact that the bank «which anticipates, grants credits with fixed rates, instead of variable rates, we are the first bank in Tunisia to adopt such an approach» he added in this flow of optimism.

Indicators are globally positive.

The total balance of Amen Bank registered a rise of over 14% to stand at à 3.2 Billion DT. Similarly for the banking exploitation Indicator which grew by 21.6% to stand at 23.1 Billion DT. «These results show the good health of Amen Bank» insists El Karam during this meeting in which almost all bankers talked only about ratios, to reassure the local financial market in terms of possible impact of the world crisis. A El Karam also specified that the deposit of the bank clients increased by 17%, and that a campaign will be launched by Amen Bank aiming at developing savings, which remain one of the most important sources of financing for the institution. He will not be very talkative about this campaign for a product with a low commission offered to savers which still exists and which is considered as the necessary evil of savings in Tunisia. The bank management specified that their GNP increased by 12.6%, to reach 91.3 Billion dinars, which is reported on their profits standing at 31.4 Billion Dinars, that is a growth of 53.3%. The realizations in terms of profits during the first nine months of the current year, represent the bank realizations during all the year 2007, specified Ahmed Karam. And once more, there is silence, concerning the net result.        

Increase in capital in the coming months

In the speech of the C.E.O of Amen Bank which looked very much more like comforting the spirits than a financial communication, Ahmed El Karam, however, devoted a part for the bank projects as well as the drawbacks of the current financial crisis. In this context, the C.E.O explained that the bank intention was to increase its capital by 80 to 100 BDT, this is from the proper funds of the bank. He will then speak about the expansion of the bank network through opening many new points of sale; this aims at being close to the customers, the enterprises as well as the individuals. These new agencies will widen the bank network throughout the country, especially in the region inside the country.

When he raised the current crisis, Ahmed Karam, explained that his worry only concerned the spread of the crisis from the financial sphere to the sreal economy. Ahmed Karam also announced that Amen Bank plans to continue supporting its network of Mediterranean banks which includes, besides Amen Bank, other institutions from different countries in the Mediterranean such as France, Greece, Algeria, Morocco and Italy.

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