Bahrain-based Venture Capital Bank (VCBank) has reported a net profit of $4.3 million for the six months period ended December 31, 2013.
Total revenue for the six months under review was $10.4m as against $15.2m of the corresponding previous period. On a quarterly basis, the bank posted a net profit of $1.8m after impairment provisions and fair value loss of $0.85m compared with $2.5m after impairment provision of $0.14m for the corresponding previous quarter.
Total revenue for the quarter was $5.3m, three per cent higher than the previous quarter’s level with income from investment banking activities representing the major portion at $4.9m ($4.6m in previous quarter).
The bank has maintained a collective provision of $4m as a cushion against potential impairments.
Chairman Dr Ghassan Al Sulaiman highlighted the rebound to profitability and the strong contribution from investment banking activities.
The balance sheet has continued to grow with total assets increasing to $247.1m compared to $221.5m as on June 30 last year. Remaining largely unleveraged, total assets principally comprise shareholders’ equity which has grown to $205.5m from $200.5m as on June 30 last year, a 5pc growth on an annualised basis.
Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Bahrain, Bahrain Venture Capital, Bahrain Venture Capital Bank, Venture Capital Bank, VCBank, Bank, Dr Ghassan Al Sulaiman.