NBB Q1 profit Jumps 33.9pc
Manama : National Bank of Bahrain (NBB) yesterday announced strong financial results for the first quarter of 2018 reporting a 33.9 per cent rise in Net Profit to BD19.74 million (US$52.50m) compared to BD 14.74m (US$ 39.20m) for the corresponding period of 2017.
The bank attributed the increase to higher net interest income linked to growth in loans and advances coupled with better asset liability management resulting in a strong improvement in the net interest margin and to lower provisions.
Net Interest Income for the first quarter increased 14.8pc year-over-year to BD19.65m (US$ 52.26m). Earnings per share (EPS) was 14.1 fils, compared to 10.5 fils y-o-y.
Operating Profit was BD20.11m (US$53.48m), up 5.6pc the year earlier period.
NBB’s Other income rose 9.1pc y-o-y to BD10.47m (US$27.85m) resulting from stronger general income in business and a higher share of profit from the Bank’s investment in associates.
Total Operating Costs was BD10.01m (US$26.62m) compared to BD7.66m (US$20.37m) reflecting the Bank’s planned and ongoing investment in people and technology in line with its new business strategy.
The bank recorded net impairment loss of BD0.37m (US$0.98m) in Q1 compared to BD4.31m (US$ 11.46m)
y-o-y.
NBB said its customer Loans & Advances increased 13.5pc to BD 1,270.22m (US$3,378.24m). Customer Deposits was BD2,102.43m (US$5,591.57m) compared to BD2,143.16m (US$5,699.89m) y-o-y.
Commenting on the bank’s performance, Farouk Yousuf Khalil Almoayyed, Chairman of NBB, said, “Contributing to the quarter’s success was the ongoing expansion of the business mix and greater penetration of the local economy. Prudent management and controls were also critical to increased profitability.”
Jean-Christophe Durand, Chief Executive Officer of NBB, added, “We are proud of the strong performance and increased profitability delivered for the first quarter of 2018, which saw further diversification of our revenue streams and the expansion of our participation in the local economy, both key objectives for the Bank.”
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