Bahrain’s banking sector records $377 million profits for 1H 2003
Bahrain Monetary Agency (BMA) records show that 29 Bahrain-incorporated commercial, investment and offshore banks, both conventional and Islamic, posted profits of approximately $377 million for the first-half of 2003, compared with $289.7 million during the same period last year.
Conventional full commercial banks (FCBs) saw their collective profits rise 7.4 percent to 31.6 million Bahraini dinars ($83.6 million) in the first half of 2003, from $77.8 million during the corresponding period in 2002.
Profits of conventional investment banks (IBs) more than quadrupled to $99.7 million during the first half of this year, from $24.4 million during the first half of 2002, as international investment bank, Investcorp, returned to its customary profitability following a down cycle.
Profits of conventional offshore banking units (OBUs) amounted to $158 million this year, compared to $161.6 million during the first half of last year. The country's Islamic banking and financial industry also did well, with an overall 10 percent increase in profitability to $35.8 million, from $25.9 million during the first half of 2002.
Islamic investment banks saw their profits rise by 51 percent to $25 million, from $16.5 million in the first half of 2002. Profits of Islamic OBUs rose 63 percent to $8.5 million during the first half of 2003, from $5.2 million during the corresponding period last year. — (menareport.com)
© 2003 Mena Report (www.menareport.com)