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Bahrain’s International Investment Bank posts $1.7m profit

Bahrain-based International Investment Bank (IIB) has posted a net income of $1.7m in the first three months of 2012, compared with a net loss of $1.3m in the same period last year, Gulf Daily News has reported. Total income for the quarter jumped to $3.2m from $0.9m a year earlier, mainly derived by investment banking fees and profit earned on funds placed with financial institutions. Total assets also rose to $151.4m, compared with $148.5m in the fourth quarter last year due to the purchase of investments of $3.4m in 2012 funded partially by the profit made during the first quarter, IIB said.