Venture Capital Bank has reported a net profit of $9.7 million for the second quarter of 2009, compared to $17.5 million for the same period last year, bringing the total net profit for the first six months of the year 2009 to $7.1 million – reported AME Info. The Banks’ assets increased by 2.9% compared to the end of 2008, while its capital adequacy ratio reached 48%.
Ghassan Ahmed Al Sulaiman, chairman of the Bahrain-based bank, said: We have applied a cost reduction policy to reduce administrative and operational expenses, and we followed a prudent and diversified policy of investing across a range of sectors such as medical and industrial services, information technology, shipping and real estate projects both investment and residential. We are confident of achieving more positive results in the coming difficult and challenging period and to demonstrate that the Bank’s business model actually improves the regional economies through investment in small and medium-sized companies, creating distinct success stories, reported the newspaper.
Abdullatif Mohammed Janahi, board member and CEO, said: The financial crisis had a negative impact on all investment sectors; however, the first six months of this year witnessed the conclusion of several deals that helped to strengthen our current investments.
