Bahrain: The Kingdom-based Islamic investment bank, Unicorn Investment Bank, said yesterday its net profit at the end of the third quarter of the fiscal rose by 68 per cent to $53.4 million from $31.8 million during the corresponding period last year.
Earnings rose by 121per cent to $186.7 million in the first nine months of 2008 from $84.6 million in the corresponding period in 2007.
The bank said strong results delivered major improvements in its key profitability and shareholder return measures. Return on average equity increased to 21.2 per cent and earnings per share 28.7 US cents per share.
Unicorn's Managing Director and Chief Executive Officer, Majid Al-Sayed Bader Al-Refai said the bank was committed to prudent risk management, sound corporate governance and strict Shari'ah compliance, enabling it to weather the global financial turmoil.
"We are particularly pleased to have achieved such outstanding results given the challenging global economic environment."
The results come close on the heels of a series of high profile transactions closed during the course of the year.
In the third quarter, the bank announced the sale of its shares in UAE-based Orimix Concrete Products (Orimix), an investment held by the bank itself and the Unicorn Global Private Equity Fund I.
Earnings rose by 121per cent to $186.7 million in the first nine months of 2008 from $84.6 million in the corresponding period in 2007.
The bank said strong results delivered major improvements in its key profitability and shareholder return measures. Return on average equity increased to 21.2 per cent and earnings per share 28.7 US cents per share.
Unicorn's Managing Director and Chief Executive Officer, Majid Al-Sayed Bader Al-Refai said the bank was committed to prudent risk management, sound corporate governance and strict Shari'ah compliance, enabling it to weather the global financial turmoil.
"We are particularly pleased to have achieved such outstanding results given the challenging global economic environment."
The results come close on the heels of a series of high profile transactions closed during the course of the year.
In the third quarter, the bank announced the sale of its shares in UAE-based Orimix Concrete Products (Orimix), an investment held by the bank itself and the Unicorn Global Private Equity Fund I.
Source - © Bahrain Tribune [06 November 2008]
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