NBB net profit surges 8.7pc

MANAMA: National Bank of Bahrain (NBB) has reported net profit of BD40 million ($106.4m) for the six months ended June 2019, an increase of 8.7 per cent compared with BD36.8m for the prior year period.

The bank said operating profit for the first half at BD44.7m ($118.9m) was up 17.3pc from BD38.1m in the prior-year period.

This was achieved despite provisions of BD4.7m, which were more than double the provision amount in the corresponding period in 2018.

Operating income rose by 12.2pc to BD66.2m compared with BD59m in the prior-year period.

Net interest income increased by 16.8pc to BD48m compared with BD41.1m earlier.

Other income rose by 1.7pc to BD18.2m compared with BD17.9m in the prior-year period.

Total comprehensive income for the period was BD44.5m compared with BD14.4m earlier.

For the second quarter of 2019, the bank’s net profit increased by 14.6pc to BD19.6m compared with BD17.1m in the same period last year, whereas operating profit rose by 17.2pc to BD21.1m from BD18m.

Operating income rose by 10.7pc to BD32m compared with BD28.9m in the second quarter of last year.

Net interest income saw an increase of 12.6pc to BD24.2m compared with BD21.5m in the prior-year-period.

Other income rose by 5.4pc to BD7.8m compared with BD7.4m earlier.

Operating costs remained steady at BD10.9m.

Total comprehensive income rose to BD18.8m compared with BD4.3m in the second quarter of last year.

Total earning assets increased by 4.7pc to BD3,012.1m compared with BD2,876.1m as of end-June 2018.

Average loans and advances increased by 6.9pc to BD1,230.5m compared with BD1,150.6m in the prior-year period.

Average customer deposits remained steady at BD2,108.8m.

Total equity grew by 14.6pc to BD486.4m compared with BD424.3m as of end-June 2018.

Earnings per share during the period increased by 8.3pc to 26 fils compared with 24 fils in the prior-year period.

NBB chairman Farouk Almoayyed said, “Record results once again reflect the ongoing success of our strategy and the achievements made in transforming the bank with a focus on modernisation and further diversification and digitalisation of the business.”

The bank’s chief executive Jean-Christophe Durand said, “Consistent top and bottom line growth demonstrates that our strategy is working and that our customers and the market are seeing and responding positively to the new and innovative approach, which firmly puts both the customers and the economy at the centre of our journey.

“Gains in operating income and profits during the period were the result of further business expansion and growth as well as the prudent management of costs.

“Keeping this balance remains essential to achieving our objectives and ensures we are able to continue investing in innovation and grow in a market that demands we stay at the forefront.

“During the first half of 2019, the bank increased by 2pc its level of loans and financing across individuals, SMEs and corporates. Continued product innovation and effective promotions also helped retain robust levels of retail and institutional customer deposits.

“On the regional front, we are also now swiftly moving ahead with planned expansion in Saudi Arabia and the UAE.

“We are extremely pleased with the direction that these developments are taking us and anticipate further progress and strong performance throughout the second half of the year.”

Source: http://www.gdnonline.com/Details/569605

 

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