Venture Capital Bank announce Q2 financial results for the six months period ended 31 December 2020

Venture Capital Bank announce Q2 financial results for the six months period ended 31 December 2020

Venture Capital Bank (VCBank) B.S.C, the Bahrain-based Islamic Bank, has recently announced its financial results for the second quarter of 2020-2021, corresponding to the Three-month period ended 31 December 2020, in which the Bank reported a net loss of USD1.795 million, in comparison with a net loss of USD43.497 million (restated) during the same period of the previous year. Total income in the three-month period ended 31 December 2020 amounted to USD1.471 million, compared to USD4.313 million (restated) during the same period in 2019, with a decrease of 65.89%, while the total expenses amounted to USD3.556 million, in comparison with USD3.370 million (restated) in the same period in 2019. The Bank's total assets during the period ended 31 December 2020 has increased by 2.93% amounting to USD131.971 million, compared to USD128.220 million (restated) in the period ended 30 June 2020 primarily due to net fair value gains recorded on the Bank's investment portfolio. Equity attributed to shareholders during the period ended 31 December 2020 has decreased by 48.88% standing at USD10.756 million, in comparison with USD21.040 million during the period ended 30 June 2020 primarily due to provision on certain off-balance sheet guarantees and operating costs, offset by net fair