10 November 2009
Venture Capital Bank Hits US$ 9.3 Million Net Profit in 9 Months
Venture Capital Bank (VCBank) announced positive total net profits for the third quarter at US$ 2.1 million, compared to US$ 7.5 for the same period last year. The total net profit for the period was US$ 9.3 million for the 9 months ending on 30th September 2009 compared to US$ 38.9 million for the same period in last year with total income for the period amounting to US$ 22 million while US$ 60 million were reported for the same period of last year. These results were announced following VCBank’s Board Meeting held in its headquarters in Manama to endorse the financial result of the third quarter of current year.
6 May 2009
Venture Capital Fund Organizes “Venture Capital Forum”
Venture Capital Fund Bahrain hosted its second forum titled “Venture Capital Fund Bahrain - Targeting Promising Small and Medium Enterprises in the Kingdom of Bahrain”. The event, which was held at the Crowne Plaza Hotel, was attended by members of the Entrepreneurs Organization – Bahrain Charter.
Dr. Ahmed Al Jawhary, Member of the Venture Capital Fund Bahrain’s Board of Directors, made a presentation detailing the Fund’s philosophy, objectives and processes.
4 March 2009
Venture Capital Banks' General Assembly approves increase in Capital to US$ 250 Million
Venture Capital Bank held its Annual Ordinary & Extraordinary General Meeting on Wednesday, March 4, 2009 at the Sheraton Hotel Bahrain to discuss the external auditor's report and approve the financial statements for the year ended 31 December 2008, in which the bank achieved net profit of US$ 47 million with 47% growth compared to last year with 27% return on equity. Furthermore, VC Bank announced expansion plans in its operations after the Extraordinary Assembly approval of an increase in VC Bank’s authorised and paid-up capital from US$ 165 Million to US$ 250 Million with an increase of US$ 85 Million to go in line with its Board of Directors approved strategic plans.
12 August 2009
Venture Capital Bank reports USD 9.7 million net profit in the second quarter of 2009
Venture Capital Bank (VCBank) posted positive financial results in the second quarter of this year despite the global financial crisis that have swept the world and regional economies. The Bank reported a net profit of USD 9.7 million for the second quarter of 2009, compared to USD 17.5 million for the same period last year, bringing the total net profit for the first six months of the year 2009 to USD 7.1 million. The Banks' assets increased by 2.9% compared to the end of 2008, while its capital adequacy ratio reached 48%.
10 May 2009
Reef Venture Holding & BISB Signs Co-operation Agreement to provide finance facilities to purchasers in “Difaaf”
Reef Venture Holding and Bahrain Islamic Bank (BISB) have signed a co-operation agreement through which BISB will offer an investment or housing real estate financing in the purchase of units in Difaaf project in Reef Island. The co-operate agreement was signed by Reef Venture Holding Board Member, Mr. Saleh Bagaeen, and BISB Retail Banking Services General Manager, Mr. Abdulrahman Mohamed Turki, at Venture Capital Bank premises in the Diplomatic Area – Manama, in presence of several managers of both sides.