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IIB's net income up 17pc

DUBAI - Bahrain- based International Investment Bank (IIB), announced results for the first half of 2008. Net Income was $11.3 million compared with $9.6 million for the same period last year, indicatina a rise of17.7 per cent. Total Income, which increased by 24.7 per cent to $23.3 million in the period, is mainly derived from investment banking fees generated from the structuring, underwriting and placement of new investments.

Total Assets at 30 June 2008 were $237.6 million compared to $257.3 million at year end 2007 and $87.7 million at 30 June 2007. The increase in assets since 30 June 2007 was mainly due to the share issue that was completed in December 2007 which generated net proceeds of $138.9 million.

The annualised returns for the 2008 first half were 10.4 per cent on Average Equity and 9.1per cent on Average Assets, while the Cost to Income Ratio was 51.7per cent which compares very favourably with that of other regional investment banks.

Capital Adequacy Ratio under Basel II was 133.1per cent as at 30 June 2008 versus the Central Bank of Bahrain's minimum requirement of 12 per cent, demonstrating IIB's ample capacity to increase its investment portfolio in the future from a regulatory capital standpoint.

Saeed Abdul Jalil Mohammed Al Fahim, Chairman of IIB, said: " The Bank has accomplished several transactions in the first half of 2008, including the placement of the remaining portion of two investment offerings commenced in the last quarter of 2007."