Renaissance Capital Reports 21% Profit Growth | Independent Newspapers Limited
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Renaissance Capital Reports 21% Profit Growth

Posted: Sep 30, 2015 at 12:00 am   /   by   /   comments (0)

Renaissance Capital, a frontier markets investment bank, has reported a 20.8 per cent growth in net profits for the six months ended June 30, 2015.

During the reporting period, the firm’s net profit increased by 20.8 percent to $10.5 million compared with $8.7 million in first quarter 2014. A statement made available by the company’s management said continued focus on cost management resulted in a 25 percent decrease in operational costs year-on-year.

Total operating expenses declined to $73.7 million from $98.3 million in first quarter 2014 year-on-year.

Total operating income reached $97.8 million. The company noted that in the first six months of 2015, it initiated coverage of stocks and sectors in the new frontier space, including consumer, cement, fertiliser and utility companies in Pakistan, as well as the banking and construction sectors in wider MENA.

As part of Renaissance Capital’s plans to grow its MENA offering from its Dubai office, the Firm continued to expand its services in Egypt along with the Gulf Cooperation Council (GCC) markets. The firm said it remained committed to developing and strengthening its team with new hires and promotions in fixed income, research and trading operations.

“Specifically, Victor Lugo joined the firm as Director of FICC Sales, and Elena Kolchina was appointed Director and Fixed Income Strategist in July. In the same month, Renaissance Capital announced the appointment of James Friel as Global Head of Investment Banking, who joined the Firm from Rothschild. In Sub-Saharan Africa, Temi Popoola was hired as Head of Equities and recently appointed as CEO of the firm’s Nigeria office, to further strengthen its already established offering on the ground.

“In first quarter 2015, Renaissance Capital has continued to hold its annual investor conferences: Sixth Pan-Africa 1:1 Investor Conference in Lagos, Nigeria, in May and the 19th Annual Russia Investor Conference in June. Both events proved to be successful, drawing the attention of hundreds of international investors and corporates from across the world,” the company noted.

Renaissance Capital CEO, Igor Vayn, 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.”