Al Baraka Group’s Q3 net profit drops 3.75%
Al-Baraka Banking Group, the Bahraini Islamic lender with operations in more than a dozen countries, reported a 3.75 percent fall in third-quarter net profit yesterday as it set aside more cash to cover bad loans. The bank made a net attributable profit of $35.04 million in the three months ending Sept 30, it said in a statement. This compares with a profit of $36.40 million in the corresponding period of 2015, according to the statement. Higher net provisioning, which jumped to $39.16 million from $11.04 million in the same period a year earlier, put pressure on the bank’s earnings. For the first nine months of the year, the bank said it had raised its general provisioning as a precautionary measure due to the economic and financial conditions in some countries it operated as well as global uncertainty.