Seera Investment Bank, a Shari’a compliant investment bank in Bahrain, posted a net profit of $2.6 million for the first quarter, compared to $0.5 million for the same period last year.

The bank reported a net profit of $7.2 million for 2010.

“We are very pleased with the continued improvement in the performance of the bank. Since inception Seera has pursued a prudent strategy of investing in a few select sectors and asset classes. This strategy has seen Seera through the worst financial crisis and the subsequent challenging global economic environment with most of its investments not only holding their value but with some showing remarkable growth in their earnings,” stated chief executive officer Abdulla Janahi.

Seera has investments in the specialty chemicals, industrial manufacturing and transportation sectors in addition to smaller investments in the real estate and utilities sectors.

“The financial crisis has changed the investment banking environment globally and particularly in this region and has forced all investment banks to re-think their business strategy. Seera also used the financial crisis to critically review its business model and strategy and made certain changes to take account of the changed environment and to position the bank for sustainable growth.”-TradeArabia News Service