Capinnova Investment Bank, the Shari’a compliant investment banking arm of BBK, announced that the bank has reported a net profit of $743 thousands for the period ended 31st March 2012 as compared to net profit of $1.2m for the same period in 2011. The gross revenues for the first quarter in 2012 were $2.1m in comparison to $2.3m for the same period in 2011.
Mr. Abdul Kareem Bucheery, Chairman at Capinnova Investment Bank said, “We have reported a profitable first quarter of this year despite the difficult market conditions experienced by the banking sector in general and the investment banks in particular. We are committed to pursue our strategies and objectives to mitigate the negative impacts of the current difficult market conditions with a view to providing good investment and financing services to our clients.”
“We will continue our relentless efforts to take advantage of investment opportunities available in the market and to strengthen our strategies and policies to achieve a good balance between returns and risks,” added Mr. Bucheery.
In this regard, Mr. Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank confirmed: “At Capinnova, we have been diligent to focus on our key objectives which gave a reasonable return in spite of the difficult conditions in the market. In the current year, it is important for us to appropriately position Capinnova within the Islamic Banking sector.”
“Having shown profits during the first quarter of the year is relatively a good start for the Bank. We will double our efforts to pursue new horizons for our business activities to achieve growth in this fiscal year,” added Mr Hijres
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 $500m and a paid-up capital of $151.5m. 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.