Global Banking Corporation (GBCorp) the Bahrain based Islamic investment bank posted total income of $53.1 million for the financial year 2008, an increase of 8.1 per cent over $49.2 million in 2007.

The bank reported net profit of $21.2 million achieving a Return on Equity of 12.4 per cent.

Total assets increased significantly by 93 per cent to $455.9 million for the year, compared to $236.2 million in 2007.

Funds under management stood at $723 million.

The results are a further affirmation of GBCorp’s prudent approach and positive fourth quarter figures whereby GBCorp posted a profit of $1.1 million, despite adverse market conditions brought about by the global economic crisis, said a bank official.

“Our financial performance under difficult market conditions, underline our remarkable achievements whereby our Return on Average Equity in fiscal 2008 reached 12.4 per cent marking an overall growth of 45 per cent since inception in June 2007,' said GBCorp’s chairman of the board, Saleh Al Ali Al Rashed.-TradeArabia News Service