Investcorp back in profit after year-ago loss

Bank confirms net income reaches $102.2m against $781m loss the previous year.



Investcorp, the Bahrain-based investment bank, said net income reached $102.2m in the 12 months ending June 30 2010, against a $781m loss in the previous year.

In an emailed statement the bank announced that operating profits grew to $365.1m and client assets under management rose to $9.7bn from $8.8bn, while operating and interest expense dropped to $247m, compared to $321m the year earlier. Fee income increased 69% to $218.9m.

The back said the results reflected an increase in the flow of deal acquisitions and exits, and a returning appetite amongst Gulf investors for attractive private equity and real estate investments.

The firm said that total placement and fund-raising activities raised $1.4bn compared to $1.1bn the year earlier, while in private equity, Investcorp deployed $346m of equity in new and add-on acquisitions. In real estate, the firm deployed $69m of acquisition funding in the 12 months.

“With an impressive and rapid rebound from the challenges of last year, we now have strong upward momentum as we move ahead,” said Investcorp’s executive chairman, Nemir Kirdar.

“Our strong profitability this year proves the robustness of our business model and the enduring power of our Gulf franchise and relationships in the face of the unprecedented stress in global economies and financial markets over the past two years.”

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Filipino expats in Gulf look to hardman Duterte

Filipino expats in Gulf look to hardman Duterte

President on tour of region as more than a million Filipino workers...

Railways are huge priority for the GCC

Railways are huge priority for the GCC

Rail has the potential to dramatically affect Gulf economies...

Where is Bahrain headed?

Where is Bahrain headed?

The kingdom has identified jewels in its accelerating non-oil...

Most Discussed