FEB's profits surge $14.2m

Bahrain-based First Energy Bank (FEB) yesterday said its profit jumped $14.2 million (Dh52.1m) in 2009 compared to $42,000 in the previous year.

Its gross income reached $47.4m for 2009 as compared to $17m in 2008.

Total assets have increased from $1 billion to $1.2bn in 2009 when compared to 2008.

Vahan Zanoyan, CEO, FEB, said: "Our priority remains the implementation of our investment strategy, including the adoption of a diversified portfolio spanning the entire breadth of the energy value chain, from petrochemicals and hydrocarbons, to alternative and renewable energy sources.

"As we look to the year ahead, we have set ourselves a challenging, yet achievable, objective of doubling our current balance sheet, through continuing to maintain a strong deal flow through our pipeline."

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