IIB records a net profit of US$0.24 m

Manama : InternationalInvestment Bank (IIB), a globally focused Sharia-compliant investment bank based in Bahrain, yesterday announced a net profit attributable to equity holders of the Bank of US$ 0.24 million for the three month period ended March 31 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 m in the corresponding period of 2015 and US$ 15.0 million for the fourth quarter of 2015.

Subhi Benkhadra, CEO said, “Whilst investment banking results can be notoriously volatile, our balance sheet remain strong, and we are optimistic of the outlook for the Bank going forward.”

The total fair value net gains credited to equity in first quarter on 2016 were US$ 1.5m as compared with losses of US$ 7.5 m in first quarter of 2015.