Venture Capital Bank’s First Quarter Net Profit surge to US$ 13.86 Million
Venture Capital Bank, the first dedicated Islamic Venture Capital Bank, recorded impressive growth in its net profit for the first quarter ending in 31st March 2008 at US$ 13.86 million, with growth rate of 1571% compared to first quarter of last year 31st March 2007 at US$ 843 thousands which reflects the continues growth Venture Capital Bank is heading since its establishment in October 2005
Dr. Ghassan Ahmed Al Suliman, Chairman of VCBank conveyed his gratitude and thanks to VCBank Executive Management and Staff for their dedication, commitments and efforts towards the banks' vision in achieving impressive growth, which will highly reflects in VCBanks' Local and regional position.
Mr. Abdullatif Mohammed Janahi, Venture capital Bank Board Member and Chief Executive Officer highlighted the main reasons behind the remarkable success in the first quarter, by saying: "our key success factor lays on the bank's ability in implementing the strategic plans drawn by its Board of Directors and adopting it in all its investments in the Middle East region and North Africa (MENA)". He also explained the mechanism of the bank's investments that is based on an integrated model between three distinct investment divisions. These divisions follow a diligent investment process and function as per the best practice in the investment banking domain.
"The outcome of this investment opportunity evident in terms of the growth of the Bank's assets since the inception of the bank. Total assets reached during the first quarter of this year US$198 million, up by 118% compared to US$91 million in the same period of 2007." Added Mr. Janahi.