Bahrain's Investcorp annual profits surge 56%

Bahrain-based alternative investment manager Investcorp reported a 56 percent rise in full-year net income on Tuesday, aided by strong growth in fee income.

Investcorp, which expects to fully invest its $1bn Gulf fund in 2013, made a net profit of $104.9m in fiscal year 2013 ended in June, compared with $67.4m in the previous year.

Profit growth was driven by "a very strong increase in deal activity fees", Rishi Kapoor, Investcorp's chief financial officer, told reporters.

Fee income at the company, which previously took luxury brands Gucci and Tiffany public, rose 40 percent to $329.5m, Investcorp said at a news conference in Dubai.

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