Bahrain-based Taib Bank has announced a net loss of $2.7m for the third quarter, down from the net loss of $8.5m in the same period last year.

Revenue rose by 39 per cent in the third quarter to $9.2m driven by new treasury and brokerage business initiatives.

The improvement comes after the appointment of a new management team at the end of 2010 and a turnaround strategy.

“The restructuring of our underlying businesses has generated a momentum, which is being reflected, albeit tentatively, in this set of results.  Our business has been transformed…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,” says Sohail Sultan, chief executive officer of Taib.