Bahrain's seven local retail banks listed on the Bahrain Stock Exchange posted a net profit of $ 873 million in the first nine months of 2018, 14 per cent increase over the same period last year, the Bahrain Association of Banks (BAB) said.

Dr Wahid Al Qassim, CEO of the BAB, said: "These financial results confirm the soundness and development of the banking sector in Bahrain, this sector is playing a key role in supporting the development of the national economy.

"These results reflect once again the importance of the banking sector in the Kingdom of Bahrain as the second sector contributing to the GDP after the oil sector. This due to government support and prudent policies of the Central Bank of Bahrain.”

He pointed out that the financial sector contributed to the other non-oil sectors, especially construction and manufacturing in the growth of GDP of non-oil sectors in Bahrain by 2.8 per cent in the second quarter of this year.

Dr Al Qassim noted The bank's monthly bulletin issued by the Central Bank of Bahrain showed that the total facilities offered by banks to economic activities and individuals in the domestic market have grown strongly since the beginning of the year by $1.5 billion, or 7 per cent to reach $24.6 billion at the end of September 2018.

Retail banks' assets stood at BD85.5 billion ($226 billion) at the end of September 2018, an increase of 1 per cent compared to December 2017. – TradeArabia News Service