May 07 2012
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Liquidity Management Centre (LMC) announces positive Q1 results
This achievement was due to sound and well managed portfolio of Sukuk and equities and diversified investment approach. The prudent operating results were further enhanced by controlling operating expenses. In terms of the bank's balance sheet, total assets witnessed a decrease of 36.4% from USD 184.7 million during December 2011 to USD 117.4 million in first quarter of 2012. Alternatively, shareholders' equity increased by 1.3% during the same period.
Looking forward, though difficult and challenging environment lay ahead, we believe that the market has witnessed a large correction especially for the GCC capital markets where most of the adverse market conditions have been priced in. This year may continue to carry opportunities to alert investors and positive growth may be obtained if volatility levels are taken into account. Many indicators are currently attesting to a positive outlook for GCC; for example, Oil prices stabilize well above the $100 per barrel, significantly above the average price anticipated by many GCC fiscal budgets for 2012. Accordingly, we remain hopeful but cautious at the same time.
We thank our shareholders (Bahrain Islamic Bank, Dubai Islamic Bank, Islamic Development Bank, Liquidity Management House - a wholly owned subsidiary of Kuwait Finance House - Kuwait), strategic partners, alliances and team members for their support during these extraordinary times and we will do all we can to positively contribute to our industry's future.
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