Capinnova announces annual results
Manama, February 27, 2013 - Capinnova Investment Bank, the Shari'a compliant investment banking arm of BBK, announced that the Bank has reported a net loss of US$ 229 thousand for the 3 months ended 31st December 2012 as compared to net profit of US$ 86 thousand for the same period in 2011. The gross revenues for the fourth quarter in 2012 were US$ 1.5 million in comparison to US$ 1.8 for the same period in 2011. The net profit reported for the 12 months ended December 2012 was US$ 1.4 million as compared to a net profit of US$ 2.5 million during the same period in 2011.
Mr. Abdul Kareem Bucheery, Chairman at Capinnova Investment Bank said: "In a challenging global economy, we did our best to cope with these tough times. We remain focused on our business activities, to keep a good balance between return and risks associated with today's extraordinary and unfavourable market conditions."
Mr. Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank said: "In the last 12 months, we achieved profitable operations for our business activities and successfully reduced our expenses. We remain committed and focused to continuously improving our performance."
Capinnova Bank's core areas of business include private equity, asset management and corporate finance. The Bank offers a range of Shari'a compliant products and services to a diverse clientele including financial institutions, companies and establishments, high-net-worth-individuals and family businesses, regionally and globally.
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About Capinnova Investment Bank:
Capinnova Investment Bank is a Shari'a compliant investment bank licensed by the Central Bank of Bahrain and is wholly owned by BBK. The bank is well capitalized with an authorized capital of US$500 million and a paid-up capital of [US$151.5] million. The Bank's core areas of business include private equity, asset management and corporate finance. Capinnova's vision is to be a world class Islamic investment bank offering a range of high quality Shari'a compliant products and services to a diverse clientele including financial institutions, companies & establishments, high-net-worth-individuals and family businesses, regionally and globally. The Bank's mission is to become the Islamic investment bank of choice and a niche player, providing clients in the GCC and the MENA region with superior investment products aimed at building and sustaining shareholder value, whilst maintaining an optimal balance between risks and returns. www.capinnovabank.com" www.capinnovabank.com
For further information please contact:
Maroun Hannoush
Director, Head of Corporate Communications
Capinnova Investment Bank
Floor 38, West Tower, Bahrain Financial Harbour
P.O. Box 5507, Manama,
Kingdom of Bahrain
Tel. Off. : +973 17101010
Website: www.capinnovabank.com
Prem A. Ramachandran
Managing Director
White Water Public Relations
GSM:0097150-4537253
Email: prem@whitewaterpr.com"
PO. Box 18936, Dubai, UAE
www.whitewaterpr.com
© Press Release 2013
