Venture Capital Bank profit surges to $39m
Manama, October 22, 2008
Venture Capital Bank saw net profit rise to $39 million for the first nine months of the year.
"The results reflect the bank's high performance and the effectiveness of the diversification of investments by implementing the bank's board approved plan," chairman Dr Ghassan Ahmed Al Sulaiman told the Gulf Daily News, our sister publication.
"Venture Capital Bank's net profit for the third quarter reached $39 million with an increase of $7.5million showing a 24 per cent growth compared to the half-year results which was $31.5 million.
"The outstanding financial results we achieved are a success that compliments our strategy in investing in promising small and medium sized potential companies through different sectors, in addition to selecting real estate projects with high potential opportunities," he said.
"Our exceptional performance shows more success and we are expecting even better results for the last quarter."
"The diversity of our income sources and achievement of more investment deals through new projects contributed in accomplishing the best results for the last nine months, where the banks' total assets grew to reach $233 million, a rise of 74.3 per cent compared to total assets of $173 million for the same period last year," said board member and chief executive officer Abdullatif Mohammed Janahi.
"In line with the bank's strategy in diversifying the investment portfolio and creating new steady strategic partnerships, the bank signed a partnership deal with Tamkeen, the Labour Fund Bahrain, and Bahrain Development Bank to establish a venture capital fund that aims to channel funding in the form of equity investment to nurture and grow promising existing small and medium enterprises across multiple industries in Bahrain.
"This partnership will allow us to strengthen our business model which differentiates us from other Islamic financial institutions." - TradeArabia News Service