Saturday, Feb 04, 2012
(This story was originally published Thursday.)
BEIRUT (Zawya Dow Jones)--Bahrain Islamic Bank, or BisB, an affiliate of Kuwait's Investment Dar Co., Thursday said its loss amounted to 20.8 million Bahraini dinars ($55.2 million) in the fourth quarter of 2011.
The bank had posted a loss of about BHD29.8 million in the corresponding quarter of 2010, according to Zawya Dow Jones calculations.
The fourth-quarter loss was mainly due to provisions against finances and investments, BisB said in a statement posted on the Bahrain bourse website.
Full-year loss also narrowed falling to BHD17.35 million from BHD39.71 million in the preceding year, according to the statement.
The lender said it swung to a full-year operating profit of BHD6.6 million from an operating loss of BHD1.4 million in 2010.
In a separate statement, BisB said its board has proposed that no cash dividends or bonus shares be distributed for the financial year 2011.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
04-02-12 0715GMT
