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Total Assets
BSI Group's total assets increased by 34.9%
from Rials 188,915 billion (US$ 21,313 mln)
in 2004 to Rials 254,834 billion (US$
27,887 mln) in 2005. This is, among others,
due to a re-valuation of the fixed assets of
BSI resulting in a
Rials 13,646 billion
(US$ 1,493 mln) increase in their book
value.
Total
Liabilities
BSI Group's total liabilities increased by
29.2% from Rials 173,704 billion (US$ 19,597
mln) in 2004 to Rials 224,427 billion (US$ 24,560 mln) in 2005.
This is mainly due to a 141% increase in
debts to the Central Bank from Rials 2,176 billion
(US$ 245 mln) to Rials 5,234 billion (US$
573 mln), 61% of which consists of Oil
Surplus Fund loans.
BSI acts as agent
bank in disbursing forex loans under the Oil
Surplus Fund Program to eligible applicants
from the private
sector.
Total
Shareholders' Equity
In 2005, BSI Group's shareholders' equity
doubled to reach Rials 30,407 billion (US$
3,328 mln) due to an increase of the share
capital of BSI from Rials 1,887 billion (US$
213 mln) to Rials 16,803 billion (US$ 1,839
mln). 91% of the
capital increase was implemented by
re-valuation of the Bank's fixed assets.
The capital increase led to a substantial
improvement of key indicators of the Bank
such as the debt - equity ratio. The Group's
debt - equity ratio decrease from 15.8 in
the year 2003 to 9.84 in 2005 respectively.
For BSI Network the improvement was even more significant
with a reduction of the ratio from 19.9 in
the year 2004 to 6.5 in 2005.
At the same time the ratio of fixed assets
to equity increased substantially.
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