Since commencing its operations in 1998, the Bank's net income has grown at a compounded annual growth rate of more than 45 percent and its balance sheet has grown twelvefold to more than $1.2 billion as of December 31, 2004.
The Bank paid a dividend of $30.8 million, representing a return of 20 percent on the Bank's paid-in capital, for the year ended December 31, 2004 and generated a return on average total equity of 27.5 percent for 2004, compared with 25.5 percent in 2003.
During 2004, the Bank strengthened its balance sheet by increasing its equity capital base to $325 million through a rights offering and a third party share offering and increased the maturity profile of its liabilities by completing a €75 million Euro Sukuk issuance.
During 2004, First Islamic completed three corporate investment transactions, including its first corporate investment in Europe, and six real estate and asset-based investment transactions including its first investment transactions in the Middle East.
Mohammed Abdulaziz Aljomaih, the Bank's Chairman, said: "We are pleased to report another record year for the Bank, the seventh in succession. We are grateful for the confidence that the Government of Bahrain, the Bahrain Monetary Agency and our valued clients and business partners have shown in the Bank since its inception."
Abdulaziz Hamad Aljomaih, Vice Chairman of First Islamic, said: "This past year has seen the fulfillment of the Bank's original business plan, which envisaged expansion of our investment activities to the Middle East. We will continue to offer distinctive investment opportunities which generate superior returns for our investors."
Atif A. Abdulmalik, the Bank's Chief Executive Officer, said: "The past year has been marked by strong growth across each of our business lines and markets of operation. During the year, we were particularly focused on expanding our asset-based investment line of business and expansion in Europe. We have recruited a number of new executives in our three offices and are well placed to significantly increase our deal flow and execute the next phase of our expansion."
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First Islamic announces record results for 2004
- Bahrain: Tuesday, February 15 - 2005 at 07:50
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First Islamic Investment Bank B.S.C.(c), a leading Bahrain-based investment bank, announced today that the Bank generated a net income of USD70.5 million for the year ended December 31, 2004, which represents a 57 percent increase over the USD44.8 million achieved in 2003.
Atif A. Abdulmalik, the Bank's Chief Executive Officer.
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, February 15 - 2005 at 07:50 UAE local time (GMT+4)
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Laila Danesh, Financial Dynamics
Tel: +(973) 17 537072
Mob: + (973) 39051111
Headquartered in Bahrain with offices in Atlanta and London, First Islamic's three principal lines of business are corporate investment, real estate and asset-based investment. To date, the Bank has completed 35 transactions with a total value of over $7.5 billion and has an equity capital base in excess of $300 million. First Islamic's mission is to provide innovative and distinctive Shari'ah compliant investment opportunities that generate superior risk-adjusted returns.
Corporate Investment
Since inception, the Bank has completed corporate investments in excess of $1.7 billion in the healthcare, aerospace, consumer, retail, industrial, and technology sectors.
Corporate investment transactions completed during the year include Loehmann's Holding Inc., a leading US-based off-price specialty retailer of upscale in-season brand name merchandise; Vogica, the largest direct retailer of kitchens and bathrooms in France; and Church's Chicken, the third largest operator and franchiser of chicken Quick Service Restaurants in the world. In addition, in April 2004, First Islamic was selected as the winning bidder in an auction to acquire TLC Health Care Services, Inc., the second largest provider of home healthcare services in the United States.
Real Estate Investments
The Bank's real estate portfolio consists of transactions in the industrial/warehousing, multifamily, assisted living, self-storage, developmental and lifestyle residential sectors.
In the real estate line of business, during 2004 First Islamic formed a second joint venture with Shurgard Self Storage SCA to develop up to 36 self-storage facilities in the UK, France, the Netherlands, Denmark, Sweden and Germany. The Bank also established Crescent Euro Industrial Portfolio, in joint ventures with Heitman International and UBS, to invest in quality industrial and distribution assets on a pan-European basis. In September 2004, First Islamic formed Victory Heights Golf and Residential Development Company LLC, a joint venture with Dubai Sports City LLC, to develop approximately 800 upscale single family units, an 18-hole championship golf course, and other amenities and facilities, as part of the Dubailand project. Victory Heights represented the Bank's first investment transaction in the Middle East. In October 2004, First Islamic formed a joint venture with Bahrain International Golf Course Company to develop a themed residential community around the expanded Riffa Golf Course in Bahrain. The project is expected to consist of some residential 500 units with access to wide-ranging leisure facilities and amenities.
Asset-Based Investments
The Bank has completed asset-based transactions in the renewable energy, aerospace, and utilities sectors.
In November 2004, First Islamic completed the acquisition of South Staffordshire Plc, a UK-based Water-only-Company, which was quoted on the London Stock Exchange, for a total value of approximately £245 million. This Pound Sterling denominated transaction was our first European public to private transaction and is the largest equity placement we have made in our history.
Laila Danesh, Financial Dynamics
Tel: +(973) 17 537072
Mob: + (973) 39051111
Headquartered in Bahrain with offices in Atlanta and London, First Islamic's three principal lines of business are corporate investment, real estate and asset-based investment. To date, the Bank has completed 35 transactions with a total value of over $7.5 billion and has an equity capital base in excess of $300 million. First Islamic's mission is to provide innovative and distinctive Shari'ah compliant investment opportunities that generate superior risk-adjusted returns.
Corporate Investment
Since inception, the Bank has completed corporate investments in excess of $1.7 billion in the healthcare, aerospace, consumer, retail, industrial, and technology sectors.
Corporate investment transactions completed during the year include Loehmann's Holding Inc., a leading US-based off-price specialty retailer of upscale in-season brand name merchandise; Vogica, the largest direct retailer of kitchens and bathrooms in France; and Church's Chicken, the third largest operator and franchiser of chicken Quick Service Restaurants in the world. In addition, in April 2004, First Islamic was selected as the winning bidder in an auction to acquire TLC Health Care Services, Inc., the second largest provider of home healthcare services in the United States.
Real Estate Investments
The Bank's real estate portfolio consists of transactions in the industrial/warehousing, multifamily, assisted living, self-storage, developmental and lifestyle residential sectors.
In the real estate line of business, during 2004 First Islamic formed a second joint venture with Shurgard Self Storage SCA to develop up to 36 self-storage facilities in the UK, France, the Netherlands, Denmark, Sweden and Germany. The Bank also established Crescent Euro Industrial Portfolio, in joint ventures with Heitman International and UBS, to invest in quality industrial and distribution assets on a pan-European basis. In September 2004, First Islamic formed Victory Heights Golf and Residential Development Company LLC, a joint venture with Dubai Sports City LLC, to develop approximately 800 upscale single family units, an 18-hole championship golf course, and other amenities and facilities, as part of the Dubailand project. Victory Heights represented the Bank's first investment transaction in the Middle East. In October 2004, First Islamic formed a joint venture with Bahrain International Golf Course Company to develop a themed residential community around the expanded Riffa Golf Course in Bahrain. The project is expected to consist of some residential 500 units with access to wide-ranging leisure facilities and amenities.
Asset-Based Investments
The Bank has completed asset-based transactions in the renewable energy, aerospace, and utilities sectors.
In November 2004, First Islamic completed the acquisition of South Staffordshire Plc, a UK-based Water-only-Company, which was quoted on the London Stock Exchange, for a total value of approximately £245 million. This Pound Sterling denominated transaction was our first European public to private transaction and is the largest equity placement we have made in our history.
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