Taib Bank narrows Q3 net loss
Manama, November 14, 2011
Bahrain-based Taib bank has reported a significant improvement in its core business with a narrower third-quarter net loss of $2.7 million compared to $8.5 million last year.
Announcing the results for the nine month period, Taib said its net loss during the period narrowed to $8.4 million from $28 million last year.
The bank's gross income rose 39 per cent for the period to $9.2 million mainly driven by new treasury and brokerage business initiatives thus reflecting a significant improvement on 2010 net incomes of $6.6 million.
Provisions for the period were also dramatically reduced from $18 million in 2010, to a write back of $0.6 million in 2011 due to overall better credit management.
In terms of loss trends, Taib Bank made $3.1 million loss in the first quarter, which got reduced to $2.6 million in Q2 and now remained at $2.7 million in Q3.
Included in these losses are provisions for staff restructuring costs which are a part of the Bank’s ongoing repositioning strategy.
Commenting on the results, Sohail Sultan, Taib CEO said, 'The restructuring of our underlying businesses has generated a momentum which is being reflected, albeit tentatively, in this set of results.'
'Our business, undoubtedly however has been transformed, and with the ongoing commitment of our staff, we are well positioned as a new, stronger and more competitive regional bank for a return to profitability in the not too distant future and subsequent growth across the region,' he added.-TradeArabia News Service