Bahrain-based Islamic investment bank, Global Banking Corporation (GBCORP), swung into the black with achieving a net profit of $14.835 million in 2013 compared to a net loss of $17 million for 2012, according to a bank statement.
Net profit after provisions for the fourth quarter of 2013 stood at $12.3 million compared to a net loss of $ 10.3 million for the same period of 2012.
The total operating income in 2013 rose to $30.6 million including income from the recent completion of exit from its $190 million Makkah Hills investment fund in the Holy City of Makkah Al Mukaramah. GBCORP acted as the sole Investment Manager to the fund and generated a return of 27% for its investors.
“The exit of our Makkah Hills project is a very important and significant step for GBCORP and would not have been possible without the trust, patience and understanding of our investors,” Dr Zakaria Hejres, Chief Executive Officer of GBCORP while commenting on the completion of the exit, said.
“In 2014, we will continue to build on this excellent performance with the guidance and support of the Board of Directors and by continuing to adapt and capitalize on changes and opportunities in the business market,” Dr Hejres, added.