Venture Capital Bank BSC (VC Bank), reported a net profit of $15 million for the year ended 30 June 2014 representing an 84 per cent increase over the prior 12 month period net profit and a return on net paid up capital of 8.3 per cent.
The Bank reported a net profit of $15 million from total income of $23.7 million for the year compared with a profit of $8.1 million from total income of $15.3 million for the prior year ended 30 June 2013. Net profit and total revenue for the final quarter ended 30 June 2014 amounted to $9.7 million and $12.4 million respectively compared to $1 million and $ 4.3 million respectively for the comparative quarter ended 30 June 2013. These results are after recognition of fair value losses and impairment allowances totaling $4.6 million in the year ended 30 June 2014 (2013: fair value losses and impairments of $10 million in the year ended 30 June 2013).
Total balance sheet assets at 30 June 2014 amounted to $249 million, a 13 per cent growth over the year with the balance sheet remaining unleveraged but for a modicum of $10 million medium term debt, and shareholders' equity has grown by 8 per cent to $216.4 million at 30 June 2014 compared to $200.5 million at 30 June 2013. Total assets under management has also grown 8 per cent to $1.24 billion now compared to $1.1 billion as at 30 June 2013. The Bank's capital adequacy ratio currently stands at a very robust 46.5 per cent, considerably higher than the minimum requirement of the Central Bank of Bahrain of 12 per cent.