MANAMA: Venture Capital Bank (VCBank), a Bahrain-based Islamic Bank, has announced its financial results for the second quarter of 2020-2021, corresponding to the three-month period ended December 2020, in which the bank reported a net loss of $1.795 million, in comparison with a net loss of $43.497m (restated) during the same period of the previous year.

Total income in the three-month period amounted to $1.471m, compared with $4.313m (restated) during the same period in 2019, with a decrease of 65.89pc, while total expenses amounted to $3.556m, in comparison with $3.37m (restated) in the same period in 2019.

Total assets during the period increased by 2.93pc amounting to $131.971m compared to $128.220m (restated) in the period ended June 2020 primarily due to net fair value gains recorded on the bank’s investment portfolio.

Equity attributed to shareholders during the period ended December 2020 has decreased by 48.88pc standing at $10.756m, in comparison with $21.04m during the period ended June 2020 primarily due to provision on certain off-balance sheet guarantees and operating costs, offset by net fair value gains on investment portfolio recorded for the period.

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