Mubasher: Ithmaar Holding suffered losses of $7.38 million during the second quarter of 2017 against a profit of $7.14 million in the same quarter a year ago.

The bank, which is listed on both Boursa Kuwait and the Bahrain Bourse (BHB), incurred a loss of $1.59 million during the first half of 2017 versus a profit of $11.96 million during the corresponding period in 2016, according to a recent statement.

The negative turn in income statement is attributed to a decrease in income before excluding provisions and taxes to $29.83 million in H1-17 compared to $36.67 million in H1-16.

The statement added that the negative performance was also due to foreign exchange losses by $12.5 million.

In the first quarter of this year, Ithmaar posted a growth of 20% in profits to $5.79 million compared to $4.83 million in Q1-16.