Capivest, a Bahrain-based Islamic investment bank, said its net profit jumped 57 per cent to $16 million when compared to last year.

Total income for the bank in 2007 rose to $31.9 million when compared to $19.6 million in 2006 while total assets grew to $325 million when compared to $195.4 million.

Nasser Al Mutawa Alotaibi, chairman of Capivest, said 2007 closed as a profitable year for the bank and its stakeholders.

He said the bank had strategic plans to invest in new business opportunities at both the regional and international level embracing the current dynamic market conditions.

According to him, the Capivest strategy over the next three years will be to pump in over $2 billion into projects in the GCC and other international markets.

"This strategy will involve further diversification with our alliances into industrial sectors including infrastructure, energy and power, technology, manufacturing, oil and gas, and minerals and mining; together with other selected high-growth sectors, such as financial services and healthcare," he added.

Nabil Mohammed Hadi, CEO of Capivest, said the launching of the bank’s new corporate identity in the third quarter of 2007 reflects the company's evolving strategic direction.

"The financial results for 2007 undeniably show that Capivest, along with its strategic partners, is on a stable growth and profitability path. We firmly believe our new identity and business philosophy will further distinguish Capivest internationally in an increasingly challenging and competitive banking environment, allowing us to continue a track record of growth and profit in the future,” he added.

Hadi said the bank’s business philosophy, which is the driving force behind these strategic plans, is to forge strong alliances with its partners.-TradeArabia News Service