Capivest Announces 2007 Financial Results
Net profit increase of 57%
Capivest a Bahrain based Islamic investment bank, announced today that 2007 closed as a profitable year for the Bank and its stakeholders, with a net profit of US$ 16 Million, and an increase of 57% in comparison to last year. Total income for the Bank in 2007 rose to US$ 31.9 million (2006: US$ 19.6 million) while total assets grew to US$ 325 million (2006: US$ 195.4 million).
Commenting on the Bank’s strategic plans to invest in new business opportunities on both a regional and international level embracing the current dynamic market conditions, Mr. Nasser Al Mutawa Alotaibi, Chairman of Capivest, noted, “The Capivest investment strategy over the next three years will be to launch investments in the GCC and other international markets totaling more than US$ 2 billion. This strategy will involve further diversification with our alliances into industrial sectors including infrastructure, energy and power, technology, manufacturing, oil and gas, and minerals and mining; together with other selected high-growth sectors, such as financial services and healthcare.”
Recognizing the Bank’s positive financial results attributed in part to the successful re-branding initiative, Mr. Nabil Mohammed Hadi, CEO of Capivest, said: “The launching of the Bank’s new corporate identity in Q3 of 2007 reflects our evolving strategic direction, and our financial results for 2007 undeniably show that Capivest, along with its strategic partners, is on a stable growth and profitability path. We firmly believe our new identity and business philosophy will further distinguish Capivest internationally in an increasingly challenging and competitive banking environment, allowing us to continue a track record of growth and profit in the future.”
The Bank’s business philosophy, which is the driving force behind these strategic plans, is to forge strong alliances with its partners. Mr. Hadi added, “We are confident this strategy of establishing equitable alliances will help Capivest sustain its history of steady growth and profitability, no matter what market challenges we are faced with in the coming years ahead.”
© 2008 Al Bawaba (www.albawaba.com)
