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CBB warns Bahrain Islamic Bank

Manama, July 21, 2009

Bahrain's central bank issued a formal warning to Bahrain Islamic Bank for not disclosing its quarterly net loss in a press release this month, it said in a letter to the bank published on Tuesday.

The central bank said it had ordered the lender to reissue its July 15 earnings release -- which disclosed six month operating profits but not its second quarter net loss -- but Bahrain Islamic had failed to comply with the order.

The lender posted a net loss of 3.83 million dinars ($10.16 million) in the quarter ended June 30 as it booked provisions against bad loans and its income from investments slumped.

In its letter published on the Bahrain stock exchange, the central bank said that should Bahrain Islamic fail to disclose its earnings in line with regulations in future, it might take further regulatory action, without elaborating.

Bahrain Islamic could not immediately be reached for comment. - Reuters




Tags: CBB | Bahrain Islamic |

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