Profits up 47 per cent at $47 million for Venture Capital Bank.
The bank's Chairman, Dr. Ghassan Ahmed Al Sulaiman, "Despite difficult conditions experienced by the world and the Middle East, we were able, with the blessings of God, to complete the 2008 investment plans." Profits rose by 47 per cent from $32 million in 2007.
The total assets of the bank for the period were $243 million, while total shareholders equity before allocations was $224 million. The bank maintained a high rate of liquidity and a capital adequacy rate of 43 per cent, almost four times higher than the minimum requirements by the Central Bank of Bahrain.
The bank's board of directors is recommending a 10 per cent cash dividend and 5 per cent bonus shares.
Among the bank's projects in the last year were an investment company in the Sultanate of Oman to target investment opportunities there; a partnership with US firm Bronco Drilling in Libya; the launch of a venture capital fund in Bahrain itself; and the establishment of the German Orthopedic Hospital in Bahrain to be a centre of medical excellence for orthopedic and rehabilitation medical services.
Venture Capital Bank also launched a labour accommodation project at Jebel Ali, which aims to develop three residential compounds for workers and staff in the industrial zone of Jebel Ali, United Arab Emirates at a cost of AED 400 million.
2009 CPI Financial. All rights reserved.
Provided by Syndigate.info an Albawaba.com company
|Printer friendly Cite/link Email Feedback|
|Article Type:||Financial report|
|Date:||Feb 9, 2009|
|Previous Article:||Abdulmagid Breish steps down from ABC after almost 30 years.|
|Next Article:||Bahraini Saudi Bank in net loss of $15.3 million.|