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Bahrain Islamic Bank posts Q3 loss on bad loans

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 21 October 2009
Q3 RESULTS: Bahrain Islamic Bank posted a loss of BD1.36m for the three months to Sept 30.
Q3 RESULTS: Bahrain Islamic Bank posted a loss of BD1.36m for the three months to Sept 30.

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 September 30 was BD1.36m, compared with a net profit BD6.26m 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). (Reuters)

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