Flip through the latest issue of Gulf Weekly.
Bahrain-based Arcapita Bank announced record net income of $362.2 million for the fiscal year, which ended June 30.
This represents a 90 per cent increase on the annualiaed figure of $190.5 million recorded in last fiscal.
This result means that since inception, Arcapita's net income has grown at a compounded annual growth rate of more than 40 per cent. Total operating revenue for this fiscal was $648.5 million, an increase of 59.1 per cent compared to the annualised figure of $407.5 million achieved in last fiscal.
Arcapita's balance sheet footing at the end of June this year was $5.1 billion, up 35 per cent on the $3.8 billion at the end of last fiscal.
A cash dividend of $90.2 million for the period has been proposed for shareholders' approval at Arcapita's annual general meeting, representing a return of 40 percent on the bank's paid-in capital.
Chairman Mohammed Abdulaziz Aljomaih said: "Arcapita has once again delivered another set of very pleasing results. In a challenging global economic environment, the bank has performed well in each of its lines of business, validating the bank's strategy of geographic and product diver- sification."
Atif A Abdulmalik, chief executive officer of Arcapita said: "We completed a $1.1 billion medium term financing facility last summer prior to the onset of the credit crunch. This gave us a very stable platform to manage our balance sheet funding and liquidity during the year."
