MANAMA, 14 May 2008 — Capivest, a Bahrain-based Islamic investment bank, has said that 2007 proved to be a profitable year for the bank.
Its net profit rose to $16 million which was an increase of 57 percent over 2006. Total income of the bank in 2007 rose to $31.9 million (from $19.6 million in 2006) while total assets grew to $325 million (from $195.4 million in 2006).
Commenting on Capivest’s strategic plans to invest in new business opportunities on regional as well as international level, Nasser Al-Mutawa Alotaibi, bank chairman, said: “Our investment strategy over the next three years will be to launch investments in the GCC and other international markets totaling more than $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 health care.”
Recognizing Capivest’s positive financial results attributed in part to the successful re-branding initiative, Nabil Mohammed Hadi, bank chief executive officer, said: “The launching of the bank’s new corporate identity in the third quarter of last year reflects our evolving strategic direction, and our financial results for last year undeniably show that the bank, 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 future.”
The bank’s business philosophy, which is the driving force behind these strategic plans, is to forge strong alliances with its partners.
The CEO added: “We are confident this strategy of establishing equitable alliances will help the bank sustain its history of steady growth and profitability no matter what market challenges we are faced with in the coming years.”