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12 / 03 / 2014

Seera Investment Bank Announces 2013 Financial Results

(Manama, 12th March 2014) Seera Investment Bank B.S.C.(c), a Shari’a compliant investment bank headquartered in Bahrain announced its results for 2013 reporting total  income of over $34 million representing an increase of 170% as compared to 2012. Net profit for the year was $4.1 million. This compares to a net profit of $6.6 million for 2012. For the last quarter in 2013, net profit stood at $1.1  million compared to a net profit of $2.4 million for the same period in 2012.

Mr. Abdulla Janahi, Seera’s Chief Executive officer commented “Seera’s profitable results over the past several years in spite of market challenges reflect a positive and satisfactory performance. Income realized during the year was derived from sources such as lease rental income from its aircraft portfolio, management fees and Treasury income as well as from compensation on early termination of certain leases and settlement of financing at re-negotiated terms.”

Mr. Janahi added “During 2013 Seera continued its strategy of focusing on its portfolio investments to enhance value. These efforts are already culminating into favorable returns for Seera and the Bank is currently working on potential exits from some of its investments which will provide further impetus for future growth.

Management continued to retain strict control over costs and maintained total expenses stable at US$5.7 million in 2013, representing a sustainable cost base.” He further stated “Seera also continued to prudently manage its balance sheet ensuring that it was able to meet all of its obligations while undertaking new business activity. The Bank’s capital adequacy ratio stood around 24%  at the end of the year, well above the 12% minimum regulatory requirement.”

Looking forward, Mr. Janahi said “The global economy is expected to grow but at a much slower pace than previously anticipated particularly due to pressures in the emerging market economies and a lingering recession in the Euro zone. Transaction activity is also likely to recover though slowly.

However, we believe that there are attractive opportunities to be found in current market conditions and with our prudent approach to investments, we can generate healthy returns for Seera and its investors.”

Seera has investments in the industrial manufacturing, transportation and student housing sectors in addition to  investments in the utilities and affordable housing sectors. The Bank’s investment strategy is to maintain a diversified portfolio geographically and industry wise, focusing mainly on defensive sectors underpinned by strong fundamental demand, and to avoid speculation driven sectors.

In conclusion, Mr. Janahi, recognized the support provided to banks by the distinguished Government of Kingdom 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.