Bank Profits Double In Bahrain

Jul 02, 2013, 16:43 ET from Kingdom of Bahrain

MANAMA, Bahrain, July 2, 2013 /PRNewswire-USNewswire/ -- Profits for banks operating in Bahrain doubled in the first quarter of 2013 to $1.1 billion.

According to data provided by the Central Bank of Bahrain (CBB), profits, which totaled $427 million in the first quarter of 2012 – rebounded across all banking sectors, including wholesale, retail, and Islamic banks.

The combined balance sheet of all Bahraini banks hit a one-year high of $195.3 billion at the end of March and was up nearly five percent over $186.3 billion in December 2012.

The CBB has aided the financial recovery through concerted efforts to strengthen Bahrain's regulatory environment – particularly those governing risk management and bank consolidation.

SOURCE Kingdom of Bahrain