Manama – Kingdom of Bahrain: Venture Capital Bank has announced a net profit of US$ 39 Million for the nine months ended 30 September 2008. The results reflect the Banks’ high performance and the effectiveness of the diversification of investments by implementing the bank’s Board approved plan.
Commenting on the results for the third quarter, Dr. Ghassan Ahmed Al Sulaiman, Chairman of VCBank said: “VCBank’s net profit for the third quarter reached US$ 39 Million with an increase of US$ 7.5 Million showing a 24% growth compared to the half year results ending 30 June 2008 which were US$ 31.5 Million”.
“The outstanding financial results we achieved are a success that compliments VCBank strategy in investing in promising small to Medium sized potential companies through different sectors, in addition to selecting Real Estate projects with high potential opportunities. Our exceptional performance for the first nine months of 2008 shows more success and we are expecting even better results for the last quarter of this year” added Dr. Al Sulaiman.
From his side, Mr. Abdullatif Mohammed Janahi, Board Member and CEO of VCBank commented: “The diversity of our income sources and achievement of more investment deals through new projects contributed in accomplishing the best results for the last nine months of year 2008, where the banks’ total assets for this period grew to reach US$ 233 Million, a rise of 74.3% compared to total assets of US$ 173 Million for the same period of year 2007. The 2008 nine months total asset has exceeded the total bank assets for the last year (2007) of which were US$ 222 million”.
“In line with the bank’s strategy in diversifying the investment portfolio and creating new steady strategic partnerships, VCBank signed a partnership deal with Tamkeen (Labour Fund Bahrain) and Bahrain Development Bank to establish a Venture Capital Fund that aims to channel funding in the form of equity investment to nurture and grow promising existing small and medium enterprises (SMEs) across multiple industries in the Kingdom of Bahrain. This partnership will allow us to strengthen our business model which differentiates VCBank from other Islamic financial institutions” added Mr. Janahi.