Bahrain’s Investcorp posts $165m loss, targets 50% AUM growth
- Date: 06-Aug-2020
- Source: Arabian Business
- Sector:Financial Services
- Country:Bahrain
Bahrain’s Investcorp posts $165m loss, targets 50% AUM growth
Bahrain's Investcorp recorded a $165 million loss for the 12 months ending June 30, against profits of $131 million a year ago, citing direct negative impact from the Covid-19 pandemic.
The ongoing coronavirus crisis also impacted asset-based income, which recorded a $100 million loss from an $89 million profit, said Investcorp in a statement.
The global investment bank said its fee income contracted to $288 million, 23 percent down on $376 million for the 2018–19 financial year.
“Despite reduced fee income, the increased reliance on – and stability of – recurring fee income helped to cover operating expenses,” Investcorp said.
Investcorp cited “fair value declines” related to a number of assets operating in “secularly challenged industries”, such as retail.
“The growth and diversification strategy we introduced in 2015 has helped increase our resilience by offering