Liquidity Management posts $1.43m profit
Manama, May 2, 2013
Bahrain-based Liquidity Management Centre (LMC) has reported a 179.25 per cent increase in net profit at $1.43 million for the first quarter, compared with $0.511 million for the same period in 2012.
The net profit resulted in a return on capital equivalent of 11.2 per cent annualised while the average interbank rate remains below 0.5 per cent, reported the Gulf Daily News, our sister publication.
The total operating income for the quarter was $3.181 million as against $1.958 million for the same period last year.
"These results undoubtedly demonstrate the bank's ability to perform while adopting a conservative approach in the current market environment by keeping provisions in line with market regulators' requirements," LMC chairman Emad Al Monayea said.
"This achievement was due to various advisory services provided for prominent transactions for Islamic banks and corporations in the region and a well-managed portfolio of sukuk and equities with a diversified investment approach," he added.
"The balance sheet witnessed significant improvement in quality and liquidity," the bank's chief executive Ahmed Abbas said.
"Furthermore, shareholders' equity increased by 2.7 per cent during the period.
"Looking forward, though a challenging environment lies ahead, this year may continue to carry opportunities to alert investors and positive growth may be obtained if volatility levels are taken into account," he said.
"Given our strong shareholder support, track record and experienced team, we believe that we are well prepared for the coming year and we will do all we can to positively contribute to the industry's future," he added.
LMC's shareholders are Bahrain Islamic Bank, Dubai Islamic Bank, Islamic Development Bank and Liquidity Management House - a wholly-owned subsidiary of Kuwait Finance House.-TradeArabia News Service