For Immediate Release 							26th July, 1999

TAIB BANK REPORTS US$ 6.5 MILLION NET PROFIT FOR THE FIRST SIX MONTHS OF 1999


TAIB Bank E.C. the Bahrain based Investment Bank, has announced a net profit of US$ 6.5 million for the first six months of 1999, its highest first-half result since inception. The corresponding figure for the same period in 1998 was US$ 5.3 million.

In his statement, Mr Iqbal G. Mamdani, Vice Chairman and Chief Executive Officer said, "I am pleased to announce that in its 20th year, the Bank has achieved a record first-half result, with a 22% increase in net profit, and a 28% increase in the total operating income, over the same period last year."

TAIB's results showed a marked rise in Net Interest Income as well as a higher level of Fee and Other Income, with increases of 40% and 23% respectively as compared to the same period last year. These increases were characterized by improved returns from fixed income securities, profits from real estate investments, and an increased contribution from its subsidiaries.

Mr. Mamdani added, "The half-year also witnessed appreciable growth in the Net Asset Value of all Funds managed by the Bank and its subsidiaries. The American Explorer Fund, which is a specialized fund dedicated to the US market, achieved a 45% increase in NAV during this period, while the Everest Fund (dedicated to India and the earliest fund launched by TAIB) achieved a 29% increase in US Dollar terms. The TAIB Currency Fund, which focuses on foreign exchange products, achieved a 13% increase in NAV during the same period. The TAIB Income Fund, launched a year ago, invests in fixed income securities, and has also returned a healthy 14.4% since inception, including the 8% dividend paid out during the year."

TAIB Bank E.C. an international Investment Bank based in Bahrain and listed on the Bahrain Stock Exchange, focuses on business activities in the regional markets of the Gulf, the Indian Subcontinent, Turkey and Central Asia.

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For more information, please contact the press coordinator:
Ali Khunji (Tel: 533334, Fax: 533174)
E-mail:   a_khunji@taib.com