The Bahrain Association of Banks (BAB) said 2013 was a better year for the kingdom's retail banking sector with most lenders reporting good results.

The BAB held its annual general meeting at the Rotana Hall, Ritz-Carlton Hotel where it presented its annual report and audited financial statements for 2013 to representatives of its member banks.

“The year 2013 proved to be relatively better for the retail banking sector with most banks reporting good results. Furthermore, the consolidation of banks through mergers and acquisitions continued which should result in stronger and better capitalised financial institutions in the Kingdom,” remarked deputy chairman Dr Farid Al Mulla.

BAB continued to increase its activity level by organising, attending and/or endorsing 69 events and issuing 84 press releases during the year to promote Bahrain’s banking sector, he added.

Some of the key highlights in 2013 included seminars and roundtables on the 'Impact of FATCA,' 'Regulatory Compliance, Pay & Compensation,' 'Payment Risk,' 'Women in Banking,' 'Fraud Trends in Financial Sectors,' the Summer Internship Programme with the University of Bahrain,' Financing for Entrepreneurs and Professional Liability Insurance.

The major event of the year was a well-attended Bahrain reception in Washington, D.C., during the IMF/World Bank meetings that was hosted by the Minister of Finance, the Governor of the Central Bank and several directors and member representatives, said  Dr Farid Al Mulla.

BAB chief executive officer Robert Ainey said the net surplus for the year was seen at BD21,792 ($57,077) compared to a small one of BD 6,807 the previous year. This resulted in an accumulated surplus of BD 32,581 from BD 10,789 in 2012.

“To demonstrate the maturity and professionalism of the Bahrain banking community, the association continued to produce Gateway, BAB’s newsletter, produced four editions of The Bahrain Banker and launched the Bahrain Banks Annual Review,” said Ainey who added that all these publications have received excellent reviews both locally and internationally.

On the year ahead, Ainey said: "It will be challenging as all of us at BAB implement the new initiatives that the board has decided will produce a banking association that will bring more value to its members in the services that it provides."

BAB, established by a ministerial decree in 1979, brings together over 70 banking institutions of all sizes and charters in Bahrain and works towards enhancing the kingdom’s image as the financial hub of the Middle East.

BAB’s mission is to serve its members by representing and advocating the interests of the Kingdom’s banks and showcasing them as pre-eminent providers of financial services in the region. Working closely with the Central Bank of Bahrain, BAB assists it with formulating banking policy and regulation.-TradeArabia News Service