Global Banking Corporation (GBCORP), the Sharia-compliant investment bank, has posted a net profit of $1.785 million for the first quarter of the year against $2.734 million for the same period in 2012.

The positive results are due to the bank's on-going efforts to rationalise its operating cost and increase in income from investment securities, said a report in the Gulf Daily News, our sister publication, citing a top official.

"We are delighted to have reported a profit in the first quarter of 2013," said chief executive Zakria Hejris. "These numbers reflect the bank's strategy of streamlining its operations in light of the challenging time faced by the industry," he noted.

"At GBCORP, we are focusing on further exits for the investors and strengthening the underlying performance of the bank.

"The bank aims to continue the current efforts and look forward to announcing further progress," added Hejris.-TradeArabia News Service