International Investment Bank (IIB), a globally focused Sharia-compliant investment bank based in the Kingdom of Bahrain, today announced a net profit attributable to equity holders of the Bank of US$ 0.24 million for the three month period ended 31 March 2016. The positive results underscore the success of the Bank’s new turnaround strategy; with the Bank recording a net loss attributable to equity holders of the Bank of US$ 2.4 million in the corresponding period of 2015 and US$ 15.0 million for the fourth quarter of 2015.
Commenting on the results, Mr. Subhi Benkhadra, CEO said: “I am pleased to report that IIB has made a good start to its recovery process and is now on the profit path. Whilst investment banking results can be notoriously volatile, our balance sheet and liquidity remain strong, and we are cautiously optimistic of the outlook for the Bank going forward.”
The total fair value net gains credited to equity during the first quarter on 2016 were US$ 1.5 million as compared with net fair value losses of US$ 7.5 million in first quarter of 2015.
Total assets at 31 March 2016 were US$ 228.3 million compared to US$ 229.2 million at year end 2015. They mainly comprised liquid assets of US$ 31.4 million and investments of US$ 188.3 million at 31 March 2016. Capital adequacy ratio was 21% as at 31 March 2016 (year end 2015: 22%) compared to the Central Bank of Bahrain’s minimum requirement of 12.5%, demonstrating that ample regulatory capital is available for possible future investments.
For full details on IIB’s financial results, please see the ‘Financial Section’ on IIB’s website at www.iib-bahrain.com.