Capivest, Bahrain-based Islamic Investment Bank, announces its financial results for the year ended 31 December 2011. The Bank delivered excellent net profit of BHD12.357m, following two years of negative results, and an increase in fourth quarter net profit of BHD16.76m.
Total assets summed up to $133.000m, while the shareholders’ equity stood at $100.250m, which represents a rise of 10.6% from the previous year.
Announced by the Chairman of Capivest, Nasser Al Muttawa praised the positive achievements of the Bank due to the difficult operational conditions witnessed by the global financial markets during 2011 in general.
“Capivest realized the essential of change and action to adapt to the volatile conditions and prepare itself for a new era of growth in the years ahead,” said Al Muttawa, stressing that the good performance of the Bank under the challenging business environment reflects its flexibility and strength.
“We’re proud to achieve progress in terms of financial strength in parallel with risk management and expenses reduction,” said Al Muttawa.
In 2011, the Board and executive management of Capivest persuaded a strategy to move forward with exits and liquidations rather than initiating projects in order to secure more value for the Bank’s clients and prelude to a new phase in progress. In the other hand, Mohammed Ahmed Abdul-Malik, CEO of Capivest praised the growth achieved by the Bank during 2011 despite the economic turmoil taking place in the world, which strengthens its position in the market and supports its future growing steps.
Abdulmalik highlighted that bank had sought to manage the operating expenses effectively and that contributed positively to the growth of profits.
Abdul Malik found 2011 a good year for Capivest and ensured that the regular and steady improvement of the financial performance indicators was the most satisfying.
“The growth in profitability has been achieved in parallel with improvements included financial position strength, liquidity and financial commitments status, and risk management,” he said.
Malik expects Capivest to maintain good financial performance during the first half of 2012.
“Currently, the Bank is focusing on raising capital and providing necessary liquidity to enable the later introduction of new products that shall achieve returns commensurate with the expectations of shareholders and investors.”