VOL. XLV

No 37

16-September-2002

BAHRAIN

Bahrains Offshore Banks Weather ATough Year

Bahrainsoffshore banks weathered a tough year in 2001 and the eight larger onesincluded in this survey (the full offshore sector includes 48 banks) saw profitsfall by 22% to $188.4mn in 2001 as they were hit by the downturn in globalmarkets intensified by both the 11 September attacks on the US and the Enronaccounting scandal. Some were also impacted by accounting changes that resultedfrom compliance with IAS...