Capinnova records Q1 net of $1.46m
Manama, May 12, 2010
Capinnova Investment Bank, the investment banking arm of BBK, has posted a net profit of $1.46 million in the first quarter of 2010, as compared to a net loss of $1.65 million in Q1 2009.
The bank reported gross revenue of $3.37 million for the period ended March 31, 2010, in comparison to $421,000 for the same period a year ago. The total revenue includes $1.63 million in relation to the fair value adjustment for transfer of Sakana Holistic Housing Solutions.
Capinnova is a newly established investment bank which started its operation at the beginning of 2009 with an authorised capital of $500 million and issued and paid-up capital of $151.5 million.
“We are delighted to have reported profits in the first quarter of 2010. We are also very pleased to note the remarkable increase in our gross revenues given the fact that we are a newly established investment bank that commenced operations in difficult market conditions,” said A Karim Bucheery, chairman of Capinnova Investment Bank.
“Last year Capinnova invested in building the biggest commercial mall in the Muharraq area. The total cost of the project is worth approximately $50 million. Construction of this large commercial project has already started and its scheduled completion date is expected to be during the second half of the year 2010. This year the bank also acquired 50 per cent stake in Sakana Holistic Housing Solutions,” added Jamal Hijres, chief executive officer of Capinnova.
“Furthermore, in April 2010 Capinnova invested $20 million in EBLA Computer Consultancy, a leading GCC entity that is engaged in the provision of IT solutions and IT consultancy services in the Mena region.”-TradeArabia News Service