Capinnova posts $743,000 profit in Q1
Manama, May 14, 2012
Capinnova Investment Bank, the Shari’a compliant investment banking arm of BBK, reported a net profit of $743,000 for the first quarter of this year, compared to $1.2 million for the same period in 2011.
The gross revenues for the first quarter were $2.1 million in comparison to $2.3 million for the same period in 2011.
Abdul Kareem Bucheery, chairman at Capinnova Investment Bank, said: “We have reported a profitable first quarter despite the difficult market conditions experienced by the banking sector in general and the investment banks in particular. We are committed to pursue our strategies and objectives to mitigate the negative impacts of the current difficult market conditions with a view to providing good investment and financing services to our clients.
“We will continue our relentless efforts to take advantage of investment opportunities available in the market and to strengthen our strategies and policies to achieve a good balance between returns and risks,” added Bucheery.
Jamal Hijres, chief executive officer at Capinnova Investment Bank, said: “At Capinnova, we have been diligent to focus on our key objectives which gave a reasonable return in spite of the difficult conditions in the market. In the current year, it is important for us to appropriately position Capinnova within the Islamic banking sector.”
“Having shown profits during the first quarter of the year is relatively a good start for the bank. We will double our efforts to pursue new horizons for our business activities to achieve growth in this fiscal year,” added Hijres. – TradeArabia News Service
More Finance & Capital Market Stories
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs