Arab Today, arab today iib bahrain records 82m net and plans to turn grey
Last Updated : GMT 16:00:24
Arab Today, arab today
Arab Today, arab today

IIB Bahrain records $8.2m net and plans to turn grey

Arab Today, arab today

Arab Today, arab today IIB Bahrain records $8.2m net and plans to turn grey

Manama - BNA

Bahrain-based International Investment Bank (IIB), a globally focused investment bank reported a net profit of $8.2 million for year ending 2012. The bank, however, never declared a dividend. Aabed Al Zeera, the Chief Executive Officer of the bank told the Bahrain News Agency that no dividend was declared despite the net profit, because in 2011 the bank’s turnover took a hit of $9.4 million. “The bottom troughed and we are trying to fill that trough so that at some point we are even and can then build on that,” said the CEO. The bank is now looking to turn grey, he said. For the year ended 2012, the bank’s total income increased to $14.2 million in 2012. This was largely due to a gain of $8.7 million from the sale of assets by an associate, said the CEO. Asked for the path of sustainable growth that the bank planned, he said that the bank was looking to three fronts – an investment in a healthcare project in the European geography, $40 million investment into a residential property, “which we plan to upgrade” and an investment of $25 million to $30 million in a food sector project in the Middle East and North Africa region. These investments would enhance income growth through 2013 – 2014, said the CEO. The bank that operates in line with Shari’ah principles, recorded a marginal increase in total income to $3.2 million in 2012 from $3.1 million in 2011, from investment banking fees. The bank said that its share of profits from associates increased from a loss of US$ 3.4 million in 2011 to a profit of $ 4.0 million in 2012. The bank’s Chairman Saeed Abdul Jalil Mohammed Al Fahim, said, the turnaround in the financial performance in net profit is a reflection of cautious investment and exit strategy, which demands fulfillment of the stringent criteria to generate an attractive return on investment for its shareholders. “With the continued contraction of many world economies and weaker than expected growth in others, we believe our investment strategy is one that sustains even during a challenging market environment. In Bahrain last year, we witnessed glimpses of recovery in the private sector and national economy and we look forward to seeing this continue in 2013,” he added. He told the news agency that the bank was also looking at merging with another prospective bank. “We are shortlisting many and plan to be a major stakeholder in the partnership,” he added.

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Arab Today, arab today iib bahrain records 82m net and plans to turn grey Arab Today, arab today iib bahrain records 82m net and plans to turn grey

 



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