BBK discloses H1 results, dividend

TDT | Manama

The Daily Tribune - www.newsofbahrain.com   

BBK announces its financial results for the half year ended 30th June 2024 recording a marginal drop of 1.4% over the net profit of the same period of last year.

The Board of Directors has decided to distribute an interim cash dividend representing 12.5% (12.5 fils per share) subject to obtaining the necessary regulatory approvals.

Q2 results

The Bank achieved a net profit attributable to the owners of the Bank of BD 16.2 million, 4.1% lower than the net profit achieved during the second quarter of last year of BD 16.9 m. Earnings per share stood at 9 fils, in line with the same period of last year.

The lower net profit was mainly due to the higher net provision requirements during the period.

Quarterly total comprehensive income attributable to the owners of the Bank amounted to BD 9.7 m, compared to BD 29.2 m during the same period of last year, representing a decrease of 66.8%.

The reduction is mainly due to lower fair value reserve of investment securities during the period.

H1 results

The Bank achieved a net profit attributable to the owners of the Bank of BD 36.5 m compared to BD 37.0 m during the same period of last year, marginally lower by 1.4%.

The basic and diluted earnings per share amounted to 20 fils compared to 21 fils during the same period of last year.

Total comprehensive income attributable to the owners of the Bank amounted to BD 36.9 m, compared to BD 36.7 m for the same period of last year representing a marginal improvement of 0.5%.

The decrease in net profit was mainly attributable to an increase in net provisioning requirements, and higher interest expense due to customers’ deposits growth, compensated by higher net fees and investment income.

Total shareholders’ equity attributable to the owners of the Bank as of end of June 2024 increased by 0.3% at BD 613.2 m (31 December 2023: BD 611.1 m).

Commenting on the Bank’s results, the Board of Directors expressed their appreciation stating, “BBK continues to achieve continued success, which is demonstrated by the Bank’s outstanding financial performance, reflecting the strong business model which aims to deliver value to its shareholders and customers.”

Also commenting on the Bank’s financial results, Dr. AbdulRahman Saif, BBK’s Group Chief Executive added “The Bank’s solid performance and financial position has supported the successful issuance of senior unsecured five-year international bonds valued at USD 500 million to refinance the maturing current international bond.”