Bahrain's Capinnova reports $2.4m H1 loss

The Bahraini Islamic lender Capinnova Investment Bank has reported a net loss of $821,000 for the second quarter of 2009.

The Sharia-compliant investment bank started its operation at the beginning of the year with an authorised capital of $500m and a paid-up capital of $125m.

It reported a net loss of $2.4m for the first half of the year to June 2009 due to start-up and initial operating costs.

The bank said in a statement on Tuesday that its gross revenue for the first half of the year to June stood at $1.5m, compared to $230,000.

“We are pleased to note the gradual build up in the gross revenue in the first half of the year since we are a newly established investment bank and commenced operations in difficult market conditions,” said chairman Abdulkarim Bucheery.

“While such markets may also offer good investment opportunities, we continuously urge our clients to be more diligent and careful while investing,” he added.

The bank recently invested in building the biggest commercial mall costing $50m in Bahrain’s Muharraq area, which is due for completion during the second half of the year 2010.

READERS' COMMENTS

MORE FROM ARABIANBUSINESS.COM