International Investment Bank (IIB), a globally focused sharia-compliant investment bank based in Bahrain, posted a net profit attributable to equity holders of $0.24 million for the three month period ended on March 31, compared to a net loss of $2.4 million in Q1 2015.

 

The bank suffered a loss of $15 million for the fourth quarter of 2015.

 

The positive results underscore the success of the bank’s new turnaround strategy, a statement said.

 

Subhi Benkhadra, CEO, said: “I am pleased to report that IIB has made a good start to its recovery process and is now on the profit path. Whilst investment banking results can be notoriously volatile, our balance sheet and liquidity remain strong, and we are cautiously optimistic of the outlook for the Bank going forward.”

 

The total fair value net gains credited to equity during the first quarter on 2016 were $1.5 million as compared with net fair value losses of $7.5 million in first quarter of 2015. 

 

Total assets at March 31, 2016 were $228.3 million compared to $229.2 million at year end 2015. They mainly comprised liquid assets of $31.4 million and investments of $188.3 million. Capital adequacy ratio was 21 per cent as at March 31, 2016 (year end 2015: 22 per cent) compared to the Central Bank of Bahrain’s minimum requirement of 12.5 per cent, demonstrating that ample regulatory capital is available for possible future investments, it said. – TradeArabia News Service