This implies a return of 8.3pc on net paid-up capital.
The results recognise fair value losses and impairment allowances totalling
Shareholders' equity has grown by 8pc to
Total assets under management have also grown 8pc to
Net profit and total revenue for the quarter ended
The bank's capital adequacy ratio currently stands at 46.5pc, as against the
VCBank chairman Dr
"These encouraging results have been achieved despite the very challenging conditions in the region and the investment banking sector and confirm the success of our plans and strategies that included an organisational restructuring and a refocusing on growth sectors in the region and globally," added Dr Ghassan.
Board member and chief executive Abdullatif Mohamed Janahi said the bank is well-capitalised with a strong asset base and an active pipeline of deals, and looks to the years ahead with strength and confidence.
"These results affirm that the bank is moving in the right direction towards achieving strong growth and underline the success of our strategic focus on key sectors in which we have built particular expertise.
"These include healthcare, agribusiness, oil and gas, and shipping and in the more economically and politically stable markets in the
"The year under review has witnessed the conclusion of a number of solid deals that have strengthened our current investments portfolio and boosted our market reputation for attractive and innovative investment offerings.
"The bank is also on target to achieve further improvements in revenue growth and reduced operating costs in line with the strategy that focuses on generating and sustaining profitability, maintaining adequate liquidity and building a solid foundation for providing acceptable returns to our shareholders. "We are confident that VCBank will be able to continue to build on this excellent performance by continuing to adapt and capitalise on changes and opportunities in the market," Mr Janahi said.
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