BSI Group's operating income experienced a growth of 26.8%, from Rials 14,522 billion (US$ 1,666 mln) in 2004 to Rials 18,417 billion (US$ 2,041 mln) in 2005. Meanwhile operating expenses grew by 38.7% from Rials 9,674 billion (US$ 1,110 mln) in 2004 to Rials 13,414 billion (US$ 1,486 mln). As a result the operating profit increased by 3.2% compared to 2004, reaching Rials 5,003 billion (US$ 554 mln). The increase in operating expenses is mainly due to forex deals in BSI provincial subsidiaries, depreciation of goodwill, personnel costs and general admin expenses.

The net profit before and profit after taxation of BSI Tehran enjoyed an increase by 22.5% and 45.4%, reaching Rials 1,147 billion (US$ 127 mln) and Rials 893 billion (US$ 99 mln) respectively. However, the group as a whole observed a decline by 6% and 5% in its pre-tax and net profit.

The ROE of the group dropped from 40% to below 21%. This is largely due to the substantial increase in capital mentioned earlier and still represents a very healthy figure in comparison with national and international peers. Due to a substantial change in the equity base on March 2006, the equity calculation for 2005 ROE is based on the average of equities at the beginning and at the end of the fiscal year. The same method has been used for years 2003 and 2004 in this report, for consistency.