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(Manama, Monday May 23, 2011) Seera Investment Bank B.S.C.(c), a Shari’a compliant investment bank headquartered in Bahrain announced its results for the first quarter of this year.

Seera reported a net profit of $2.6 million for the quarter compared to a profit of $0.5 million for the same period last year. This is in line with the current trend of improving results where the Bank reported a net profit of $7.2 million for 2010. These results reflect the performance of Seera’s investment portfolio and the fact that many of the Bank’s portfolio companies which have shown resilience during the more difficult economic times are now showing strong growth.

“We are very pleased with the continued improvement in the performance of the Bank. Since inception Seera has pursued a prudent strategy of investing in a few select sectors and asset classes. This strategy has seen Seera through the worst financial crisis and the subsequent challenging global economic environment with most of its investments not only holding their value but with some showing remarkable growth in their earnings.” The Bank’s Chief Executive Officer, Mr Abdulla Janahi said.

Seera has investments in the specialty chemicals, industrial manufacturing and transportation sectors in addition to smaller investments in the real estate and utilities sectors. The Bank’s strategy is to maintain a diversified investment portfolio geographically and industry wise focusing on sectors underpinned by strong fundamental demand and to avoid speculation driven sectors or excessive focus on the real estate sector.

Mr Janahi explained that “During the financial crisis Seera worked in partnership with the management of a number of its investee companies in creating value and providing strategic assistance where required and our positive results in 2010 and in the first quarter of 2011 reflect the value of these efforts. We are pleased with the performance of these companies and are confident that the Bank will be able to generate positive returns from the exit from one or more of these investments in the near term.”

Mr. Janahi further commented that “Since inception Seera not only pursued a prudent investment strategy but has also been careful to ensure that it does not over-extend its balance sheet through leverage. Due to its prudent liquidity management, the Bank was able to comfortably meet all its obligations without any delay. In parallel, the management ensured that an optimal operating environment is maintained and initiated a program to implement an efficient and sustainable overhead operating base. The impact of this plan is reflected on the operating results of the Bank and we believe that it will play a critical role in future growth.”

On the future outlook, Mr Janahi added “Although there is still a great deal of volatility in the market we are of the view that the worst of the financial crisis is behind us and we are seeing some positive signs of recovery and return of investor confidence. The financial crisis has changed the investment banking environment globally and particularly in this region and has forced all investment banks to re-think their business strategy. Seera also used the financial crisis to critically review its business model and strategy and made certain changes to take account of the changed environment and to position the Bank for sustainable growth.”

In conclusion, Mr. Janahi, recognized the support provided to Banks by the distinguished Government of Bahrain under the leadership of His Majesty King Hamad Bin Isa Al Khalifa, His Royal Highness Prince Khalifa Bin Salman Al Khalifa, and His Royal Highness Prince Salman Bin Hamad Al Khalifa, and thanked the Government for its efforts to grow the economy and enhance the financial reputation and prestige of the Kingdom of Bahrain.