Bahrain's Unicorn posts 121% jump in earnings

Investment bank also announces 68% rise in net profit for nine months to Sept 30.
Bahrain's Unicorn posts 121% jump in earnings
By Andy Sambidge
Thu 06 Nov 2008 06:26 AM

Bahrain's Unicorn Investment Bank has announced a 121 percent increase in earnings for the nine month period ended September 30.

Earnings rose $84.6 million in the first nine months of 2007 to $186.7 million this year while net profit increased by 68 percent, to $53.4 million.

Unicorn’s third quarter results come on the back of a series of high profile transactions closed during the course of the year, including an agreement to acquire Bahrain Financing Company (BFC), the oldest foreign exchange and remittance houses in the GCC.

Commenting on the bank’s results, Majid Al-Sayed Bader Al-Refai, Unicorn’s managing director and CEO, said: “We are particularly pleased to have achieved such outstanding results in the first nine months of 2008 given the challenging global economic environment.”

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.