Apr 23 2008 |
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Bahrain: VCBank's Q1 net profit up 1571%
Bahrain-based Venture Capital Bank , the first dedicated Islamic Venture Capital Bank, recorded im-pressive growth at the end of first quarter ending with net profit rising to $13.86 million, a growth of 1571 per cent compared to first quarter of last year.Dr Ghassan Ahmed Al Suliman, Chairman of VCBank thanked the bank's executive management and staff for their committed efforts towards the bank's vision in achieving impressive growth, which was reflected in its local and regional position. Abdullatif Mohammed Janahi, Venture capital Bank Board Member and Chief Executive Officer said:"Our key success factor lays on the bank's ability in making strategic investments in the Middle East and North Africa region. He also explained the mechanism of the bank's investments that is based on an integrated model between three distinct investment divisions. He added: "The outcome of this investment opportunity is evident in terms of the growth of the Bank's assets since the inception of the bank. Total assets reached during the first quarter of this year $198 million, up by 118% compared to $91 million in the same period of 2007."
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