Arcapita reports net income of $50.2m for fiscal 2011
- Bahrain: Wednesday, September 14 - 2011 at 14:59
- PRESS RELEASE
Arcapita Bank B.S.C.(c), the international investment firm headquartered in Bahrain, announced today the results of its fiscal year ending June 30, 2011. Arcapita recorded a net income of $50.2m, marking a return to profitability for the bank, which along with its peers in the private equity industry, has experienced a tough operating environment in the aftermath of the financial crisis which began in 2008.
"Based on generally improving sentiment, our expectation at the beginning of the financial year was for return to growth and economic stability," said Atif A. Abdulmalik, Arcapita's Chief Executive Officer. "In the event, market fundamentals have remained volatile, but by focusing on the areas within our control, protecting the bank's investment portfolio, delivering exits where appropriate, operational efficiency and close management of the balance sheet, I am pleased that we have made our income target for the year. We also continue to make progress in adapting our business to the changed market fundamentals and the evolving needs of our investors."
Alongside its core business of deal-by-deal investments, Arcapita has made good progress in building its funds product offering, building on its track record in the industrial warehousing sector to develop several funds during the year, in Asia, in Europe and in the Middle East. The bank has also built out its infrastructure team in preparation for similar product expansion within this asset class.
"The board's view is that over the short term, the global macro environment will remain constrained by slow growth and continued sovereign debt problems," stated Mohammed Abdulaziz AlJomaih, Chairman of Arcapita. "Against this background, we expect that Arcapita will continue its focus on strengthening the balance sheet and leveraging its global investment platform to deliver steady growth targets for next year."
Arcapita's financial statements are subject to shareholder approval at Arcapita's Annual General Assembly on the 28th September.
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