Al Baraka Group’s Q3 net profit drops 3.75%

Kuwait Times - - BUSINESS -

DUBAI:

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.

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