Bahrain Islamic Bank Swings to Q3 Loss on Provisions
MANAMA, (Reuters) – Bahrain Islamic Bank, the country’s biggest Islamic retail bank by market value, on Wednesday swung to a quarterly loss as it booked higher provisions on bad loans. The bank said net loss for the three months ended Sept.30 was 1.36 million Bahraini dinars, compared wi
MANAMA, (Reuters) – Bahrain Islamic Bank, the country’s biggest Islamic retail bank by market value, on Wednesday swung to a quarterly loss as it booked higher provisions on bad loans.
The bank said net loss for the three months ended Sept.30 was 1.36 million Bahraini dinars, compared with a net profit 6.26 million in the year-earlier quarter.
The bank said in a statement it had complied with regulators’ demands to book higher provisions for bad debts, in particular those related to Saudi groups Saad and Ahmad Hamad Algosaibi & Bros (AHAB).