Media - News


LMC News

11/12/2015

Liquidity Management Centre (LMC) announces a net profit of USD3.2 million for the Third Quarter Ended 30th September 2015

Manama, Kingdom of Bahrain; 12 November, 2015: 

The Board of Directors and Mr. Ahmed Abbas, Chief Executive Officer of Liquidity Management Centre “LMC” (wholesale Islamic Bank) are pleased to announce the results for the period ended 30th September 2015 with a net profit of USD 3.2 million compared to USD 3.37 million for the same period ended September 2014. The net profit resulted in a return on capital equivalent to 7.6% annualized while the average interbank rate remains below 0.5%. Net profit for the Third quarter (3 months) stood at USD 0.93 million versus USD 1.28 million for the same period in 2014. Total operating income for the period was USD 8.6 million in comparison to USD 7.8 million for the same period in 2014.

These results undoubtedly demonstrate the bank’s ability to continue to perform in relatively challenging conditions whilst continuing with a conservative approach in the current market environment towards impairment provisioning in line with regulatory requirements. The net income achieved was due to income from investment banking services along with opportunistic and perceptive investment returns made from a well managed portfolio of Sukuk and equities with a diversified and balanced investment approach. The Bank’s balance sheet continues to focus on quality and liquid assets. Furthermore, the shareholders’ equity rose by approximately 5% from USD 67.5 million as of 31st December 2014 to USD 70.7 million as of 30th September 2015.   

Based on the Bank’s track record and current performance along with the continued Shareholder support and experienced management team, we believe that we are well prepared for the challenges ahead despite the volatile regional financial markets.  

Finally, we take this opportunity to thank the Shareholders namely Bahrain Islamic Bank, Dubai Islamic Bank, Islamic Development Bank and Kuwait Finance House Investment Company (a wholly owned subsidiary of Kuwait Finance House - Kuwait), our strategic partners, alliances and team members for their continued support.