Taib bank reports third quarter loss

15 November 2011

Bahrain bank hopes to return to profitability

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.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.