VCBank swings to profit in 2012

Sat, Feb 16 - 2013

Bahrain-based Venture Capital Bank (VCBank) has said its net profit for 2012 rose to $18.5m, compared with a net loss of $58.7m in the previous year, Gulf Daily News has reported. Net profit and total revenue amounted to $3.5m and $6.7m, respectively, for the fourth quarter of 2012, the fourth consecutive quarter of profitable performance, according to the regional Islamic investment lender. Impairment provisions of $3m and fair value losses of $2m were booked by the bank last year, against investments and receivables exposures, it noted.

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