Seera’s net income reaches $5.1 million
Bahrain-based Seera Investment Bank has reported a net income of $5.1 million for the first half of this year compared with a net income of $1.7m for the same period last year. Total income was $8.5m compared with $4.6m last time. The increase in income was attributed to an increase in management fees on assets under management and the early settlement of financing relating to the bank’s aviation portfolio. Total assets of the bank were $349m. Seera’s balance sheet remains strong with a capital adequacy ratio of 23 per cent and liquid assets of $33m. Profit for the second quarter was $5.5m compared with a profit of $830,000 for the same period last year. Seera has investments in the industrial manufacturing and transportation sectors in addition to smaller investments in the utilities and real estate sectors.