GBCORP posts $1.8m net profit in Q1
Manama, May 15, 2013
Global Banking Corporation (GBCORP), the Sharia-compliant investment bank, has posted a net profit of $1.785 million for the first quarter of the year against $2.734 million for the same period in 2012.
The positive results are due to the bank's on-going efforts to rationalise its operating cost and increase in income from investment securities, said a report in the Gulf Daily News, our sister publication, citing a top official.
"We are delighted to have reported a profit in the first quarter of 2013," said chief executive Zakria Hejris. "These numbers reflect the bank's strategy of streamlining its operations in light of the challenging time faced by the industry," he noted.
"At GBCORP, we are focusing on further exits for the investors and strengthening the underlying performance of the bank.
"The bank aims to continue the current efforts and look forward to announcing further progress," added Hejris.-TradeArabia News Service
More Finance & Capital Market Stories
- 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
- In a first, NCB Capital names female CEO
- Du enters $1.17 billion financing deals