Unicorn Investment Bank saw net profit attributable to shareholders rise by $15.6 million in the first quarter of the year from $4.4 million in the same period.

The bank saw earnings rise by $20 million, or 83 per cent, from $24 million to $44 million.

The strong results delivered major improvements in the bank's key profitability and shareholder return measures.

Return on equity increased to 25.2 per cent and earnings per share grew to 10.9 cents per share. The cost/income ratio of 54.8 per cent was comfortably within the bank's target range for operational efficiency.

In January, Unicorn received a strong vote of confidence from the international financial community with the successful close of a $125 million three year syndicated commodity Murabaha facility arranged on the bank's behalf by Dubai Bank and Raiffeisen Zentralbank …sterreich.

The facility, which was launched at $100 million, was significantly oversubscribed, attracting a great deal of interest from financial institutions across Europe, the Middle East and Asia.

More than 50 per cent of subscriptions were from non-GCC financial institutions, with 10 per cent of subscriptions originating from Asia.

Of the total amount raised, almost 25 per cent of the financing was placed with Islamic investors.

The funds raised will be used in support of Unicorn's business plan and international growth model.

In February, Unicorn Global Private Equity Fund I completed its fifth investment to date, in Bahrain-based Gulf Strategic Partners, a company specialising in pre-operational cleaning services for petrochemical, power, oil and gas and process facilities.

Unicorn also launched the fundraising for the Turquoise Coast Investment Company, a real estate investment company established to provide investors an opportunity to benefit from the thriving vacation homes market in Turkey.

It also successfully upgraded its Dubai Financial Services Authority (DFSA) license from Category 3 to Category 2.-TradeArabia News Service