Bahrain-based First Energy Bank (FEB), a leading Islamic investment bank, posted profits of $14.2 million for 2009 at its third annual general meeting held today (March 30).

The bank’s total revenues increased to $47.41 million, and total assets rose to $1.233 billion, a statement said.

'Even though First Energy Bank was only established in 2008, it is today reaping the fruits of its initial efforts,” said Esam Yousif Janahi, chairman of First Energy Bank.

“The volume of our business is constantly growing and our investments are making steady and sure progress,” he added.

“The coming year is looking like it is going to be ripe with potential investment opportunities in the energy sector, especially with regards to renewable energy, oilfield services, and the multitude of energy-related businesses. We are well placed to continue taking advantage of these opportunities and look forward to another bright year.'

'Last year, FEB entered the alternative energy sector with the launch of Saudi Polysilicon, the largest polysilicon production facility in Saudi Arabia and the Middle East,” Janahi continued.

“This project was launched in partnership with Saudi Project Management and Development Company, and represents a major investment aimed at developing the alternative energy industry in the region.”

“Additionally, 2009 saw the closing of MENAdrill, our inaugural offshore drilling venture, which is set to benchmark drilling operations in the region in the very near future. We have set our sights even higher for 2010, and are working to capitalise on the strength of our assets, especially given current market conditions,” he concluded.

Vahan Zanoyan, FEB’s chief executive officer, said: '2009 was without a doubt one of the most difficult years the banking industry has seen in long time.”

“That FEB succeeded in achieving such good financial results during those difficult times shows the strength, dedication and the vast experience we have as a group,” he added. – TradeArabia News Service