Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- LMC second quarter 2012 net profit rises 31% to USD1.222 million  Join our daily free Newsletter

MENAFN Press - 26/07/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN Press) Liquidity Management Centre (LMC)announced today its financial results for the three months ending June 30, 2012.

LMC's net profit for the second quarter stood at USD1.222 million - after impairment provisions of USD 220,000 “ an increase of 31 per cent compared to USD 932,000 in the corresponding period in 2011.

LMC has also reported a total operating income of USD 3.925 million in comparison to USD 4.309 million for the same period in 2011.

This quarter's net profit represents a 4.8 per cent per annum return on capital while the average interbank rate remains below 0.5 per cent.

These results undoubtedly demonstrate the bank's ability to perform while adopting a conservative approach in the current market environment by taking additional provisions.

In terms of the bank's balance sheet, LMC's total assets witnessed a decrease of 7.6 per cent from USD 184.7 million during December 2011 to USD 170.6 million in the first half of 2012. Alternatively, shareholders' equity increased by 2.36 per cent during the same period.

Emad Al-Monayea, Chairman, LMC, said: "This strong performance by LMC was due to various advisory services in prominent transactions for Islamic banks in the region and a well managed portfolio of Sukuk and equities with a diversified investment approach.

We believe that the market has already witnessed a large correction for the GCC capital markets where most of the adverse market conditions have been priced in.

This year may continue to carry opportunities forable investors and positive growth may be obtained if volatility levels are taken into account."

"We thank our shareholders - Bahrain Islamic Bank, Dubai Islamic Bank, Islamic Development Bank, Liquidity Management House “ a wholly owned subsidiary of Kuwait Finance House, Kuwait, strategic partners, alliances and team members for their support and we will continue to fulfill our objective of positively contributing to our industry's future."


About LMC
LMC

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help