GBCorp swings to $14.8m net profit
Manama, March 1, 2014
Global Banking Corporation (GBCorp), a Bahrain based Islamic investment bank, has reported a net profit of $14.835 million in 2013 compared to a net loss of $17 million for the previous year.
Net profit after provisions for the fourth quarter of 2013 stood at $12.3 million compared to a net loss of $10.3 million for the same period of 2012, said the bank in its statement.
The total operating income in 2013 rose to $30.6 million including income from the recent completion of exit from its $190 million Makkah Hills investment fund in Makkah.
GBCORP acted as the sole investment manager to the fund and generated a return of 27 per cent for its investors, the statement added.
The exit of the Makkah Hills project is a very important and significant step for GBCORP and would not have been possible without the trust, patience and understanding of our investors, said the statement.
Commenting on the results, CEO Dr Zakaria Hejres said: “In 2014, we will continue to build on this excellent performance with the guidance and support of the Board of Directors and by continuing to adapt and capitalize on changes and opportunities in the business market.”-TradeArabia News Service