NBB net profit rises to $45m, up 2.4pc
MANAMA, April 21, 2015
National Bank of Bahrain has posted an increase of 2.4 per cent in net profit at BD17.02 million ($45.27 million) for the first quarter, compared with BD16.62 million for the corresponding period of the previous year.
The financial results were approved at a board meeting chaired by Farouk Almoayyed, said a report in the Gulf Daily News (GDN), our sister publication.
Net interest income for the period was BD14.17 million, compared with BD15.57 million for the corresponding period of the previous year.
The decrease was mainly due to lack of quality lending opportunities and lower yield on surplus funds as a result of strong domestic liquidity, the bank said.
Other income for the three months was BD12.09 million, compared with BD9.51 million for the corresponding period of the previous year, an increase of 27.1 per cent.
Growth in other income was contributed by increase in normal business activities and higher income from investments.
Operating expenses increased from BD7.29 million last year to BD7.62 million for the quarter under review.
Cost-to-income ratio improved from 29.07 per cent earlier to 29.02 per cent.
The bank said it took a loan loss provision of BD1.62 million during the current year based on an assessment of the loan portfolio and to further strengthen overall financial position.
Total earning assets (comprising treasury bills, bank placements, loans and advances, investment securities and investment in associates) increased from BD2,606.59 million to BD2,666.74 million.
Customer deposits stood at BD2,238.22 million, compared with BD2,099.01 million earlier.
Earnings per share were 16.4 fils compared to 16.1 fils earlier.
Director and chief executive Abdul Razak Al Qassim said the results have been encouraging with a steady increase in the underlying business and revenue of the bank.
“As the year progresses we will continue to focus on adding value to the customers by capitalising on strong domestic presence backed by a healthy capital and liquidity position,” he added. - TradeArabia News Service
