First Islamic’s net profits up 24 percent
Bahrain’s First Islamic Investment Bank generated a net income of $44.8 million for the year ending December 31, 2003, a 24.4 percent increase over the $36 million achieved in 2002.
The Board of Directors has recommended a dividend payment of $16.9 million, representing a return of 15 percent on the Bank's paid-in capital, according to a press release.
During 2003, First Islamic achieved a successful exit from one US direct investment, Medifax-EDISM, which generated a return in excess of 135 percent to the investors in the transaction over the two-year holding period. The Bank also completed the acquisition of one new US direct investment transaction, and four new real estate transactions in the United States and Europe.
In January 2003, the Bank incorporated and commenced operations of its European subsidiary, Crescent Capital Investments, based in London. Crescent Europe focuses on identifying and arranging private equity and real estate transactions in Europe.
First Islamic Investment Bank, with a paid-in share capital of $112.5 million, is headquartered in Bahrain with offices in Atlanta, US and London, UK. At year-end 2003, the Bank had total assets of $818 million and shareholders equity of $188.9 million. To date First Islamic has completed investment transactions with a total value in excess of four billion dollars. — (menareport.com)
© 2004 Mena Report (www.menareport.com)