Capinnova Bank’s 2012 profit edges down
Manama, February 28, 2013
Bahrain-based Capinnova Investment Bank, the Sharia-compliant investment banking arm of BBK, reported a net profit of $1.4 million for last year as compared to a net profit of $2.5 million during the same period in 2011.
The gross revenues for the fourth quarter were $1.5 million in comparison to $1.8 million for the same period in 2011, said a report in our sister publication, the Gulf Daily News.
The bank reported a net loss of $229,000 for the final quarter of last year, compared to net profit of $86,000 for the same period in 2011.
"In a challenging global economy, we did our best to cope with these tough times," said Capinnova chairman Abdulkarim Bucheery.
"We remain focused on our business activities, to keep a good balance between return and risks associated with today's extraordinary and unfavourable market conditions."
Chief executive Jamal Hijres said in the last 12 months, we achieved profitable operations for our business activities and successfully reduced our expenses. "We remain committed and focused to continuously improving our performance."
Capinnova Bank's core areas of business include private equity, asset management and corporate finance.
The bank offers a range of Sharia-compliant products and services to a diverse clientele including financial institutions, companies and establishments, high-net-worth-individuals and family businesses, regionally and globally. – TradeArabia News Service