Bahrain International Bank recently posted $13.5 million in operating income for the first half of 2001, representing an astounding 88 percent rise in comparison to the corresponding period of last year.
Gains were attributed to the financial investments and the real estate operations of the Bank in the United Kingdom. In addition, regional equity trading also raised earnings as the major Gulf markets benefited from a generally positive economic outlook.
Net income reached $6.75 million as operating expenses fell 5.4 percent in comparison to last year’s disappointing level, according to Robin McIlvenny, Chief Executive of the bank.
The bank’s UK-based Crown Dilmun Real Estate subsidiary is continuously performing well and “has completed several UK regional developments, as well as sold a major residential scheme in central Glasgow which realized the highest unit prices in Scotland,” added McIlvenny.
Crown Dilmun is the UK’s market leader, and has recently purchased and is now developing a premier central London site in the heart of Knightsbridge. Part of the required financing for this project was successfully subscribed to by the bank's Gulf investor base, and the transactions are expected to have a positive impact on the bank’s profitability in the second half of the year. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
