Capinnova posts $743,000 profit in Q1
Manama, May 14, 2012
Capinnova Investment Bank, the Shari’a compliant investment banking arm of BBK, reported a net profit of $743,000 for the first quarter of this year, compared to $1.2 million for the same period in 2011.
The gross revenues for the first quarter were $2.1 million in comparison to $2.3 million for the same period in 2011.
Abdul Kareem Bucheery, chairman at Capinnova Investment Bank, said: “We have reported a profitable first quarter despite the difficult market conditions experienced by the banking sector in general and the investment banks in particular. We are committed to pursue our strategies and objectives to mitigate the negative impacts of the current difficult market conditions with a view to providing good investment and financing services to our clients.
“We will continue our relentless efforts to take advantage of investment opportunities available in the market and to strengthen our strategies and policies to achieve a good balance between returns and risks,” added Bucheery.
Jamal Hijres, chief executive officer at Capinnova Investment Bank, said: “At Capinnova, we have been diligent to focus on our key objectives which gave a reasonable return in spite of the difficult conditions in the market. In the current year, it is important for us to appropriately position Capinnova within the Islamic banking sector.”
“Having shown profits during the first quarter of the year is relatively a good start for the bank. We will double our efforts to pursue new horizons for our business activities to achieve growth in this fiscal year,” added Hijres. – TradeArabia News Service
More Finance & Capital Market Stories
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch