Renaissance Capital on Wednesday said its net profit rose by 20.8 per cent to $10.5m in the six months ended June 30, 2015 when compared with the $8.7m it made in the first half of 2014.
The emerging and frontier markets investment bank explained that in the period under review, it generated strong revenues from its core business, including global markets, which showed a solid performance led by particularly strong growth in fixed income, currencies and commodities, despite headwinds.
The bank said in a statement that its continued focus on cost management resulted in a 25 per cent decrease in operational costs year-on-year, adding that total operating expenses fell to $73.7m from $98.3m, in the half year under review, while total operating income was $97.8m.
The Chief Executive Officer, Renaissance Capital, Igor Vayn, was quoted as saying the company’s geographical diversification was one of the factors that led to the positive result despite the turbulence in the global economy.
He said, “We are pleased to announce strong results as we celebrate two decades of successful operations in emerging and frontier markets. During this time, the firm has grown from a Russia-focused bank to one of the leading international investment banks in the emerging and frontier space. Renaissance Capital’s geographical diversification is one of the key factors that led to all-round positive results for the firm despite turbulent market conditions globally.”
Vayn added that the firm was aware that only the highest quality research and service “bring the necessary comfort level for investors looking at new markets, from Russia to Africa and across the Middle East and frontier space”.
“Our goal is to stay at the forefront, offering best in class trading, banking and access to capital to our clients from around the world,” he said.
“Looking to the rest of the year, we will use our expertise and experience to navigate the challenging market conditions as we remain committed to our core markets, and work to maintain our leading positions across the product offering.”
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Source : Punch