Pre-tax profits (PTP) at three of the four largest banks in Bahrain dropped last year as the Covid-19 pandemic hit the Gulf economy hard, hammering key sectors such as real estate, hospitality and retail, with two of the country’s leading lenders moving from profit to loss. The country was also affected by the slump in the oil price.
Ahli United Bank, the largest bank in the country by Tier 1 capital, saw PTP drop 36% year-on-year to $531.2m in 2020 from $827.4m in 2019, according to The Banker Database.
