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Bahrain Islamic Bank Swings to Q3 Loss on Provisions - ASHARQ AL-AWSAT English Archive
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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).

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Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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