Capinnova Investment Bank has announced a net profit of $1.2 million for the first quarter of this year compared to net profit of $1.46 million for the same period in 2010.

The gross revenue reported for the first quarter was $2.55 million in comparison to $3.37 million in the period on 2010.

The total revenue included $1.63 million in relation to the one-off fair value adjustment for transfer of Sakana Holistic Housing Solutions to Capinnova.

"We are delighted to have reported profits in the first quarter of 2011," Capinnova Investment Bank chairman Abdul Kareem Bucheery.

"Although our industry is facing challenges, we see this as a means for change.

"Capinnova continues its commitment to a strategy to grow revenue and improve return on investment.

"At Capinnova, we have coped well amidst these tough times and remain focused on introducing Islamic banking products and services to meet our customers' requirements and expectations," said Bucheery.

Capinnova Investment Bank chief executive officer Jamal Hijres thanked shareholders and clients who continue to believe in the bank's abilities.

"We remain committed to the strength of our business model that focuses more on client relationships and maintaining an optimal balance between returns and risks."

Capinnova Investment Bank is a Sharia-compliant investment bank licensed by the Central Bank of Bahrain and is wholly-owned by BBK.

The bank is well-capitalised with an authorised capital of $500 million and a paid-up capital of $151.5 million.

The bank's core areas of business include private equity, asset management and corporate finance.-TradeArabia News Service