Mubasher: Ithmaar Bank widened its losses in the fourth quarter of 2015 to $57.8 million (BHD21.8 million) compared with $13.6 million (BHD5.13 million) in the fourth quarter of 2014, according to a bourse filing.
Moreover, net loss reached $46.4 million in 2015, compared with $8.85 million in the previous year.
The board of directors recommended withholding FY15 dividends.
The lender achieved $11.4 million net profit in the first nine months of 2015, a rise by 137% compared to $4.8 million during the same period in 2014.
The sharp decline in oil prices and the economic challenges affected the financial results of Ithmaar Bank, according to the Chairman Amr Al Faisal.
