First Energy Bank generates $6m profits

24 August 2009

Gulf Finance House launches Islamic investment institution in 2008

Bahrain’s First Energy Bank, launched in February 2008, generated $5.6m of net profits in the first six months of 2009.

The bank said its gross income of $16.6m was made up of $9.4m from treasury transactions, $5.8m from advisory services and $1.4m on sukuk investments.

During the first half, the bank acquired an 8.8 per cent stake in Bahrain’s $2.1bn Addur power project.

Vahan Zanoyan, chief executive officer of First Energy, said although it was still in its first year of full operations, the bank “has a good pipeline of potential deals under consideration spanning the upstream, downstream, oil field service and utilities sectors.”

Bahrain’s Gulf Finance House established First Energy as an Islamic investment bank focusing on the energy sector.

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