BBK posts Q3, nine-month profit

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

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BBK announced its financial results for the period ended 30th September 2024, recording net profit of BD 53.0 m including the 3rd quarter of 2024 net profit of BD 16.5 m.

Third quarter

The Bank achieved net profit attributable to the owners of the Bank of BD 16.5 m, 15.4% lower compared to the same period last year at BD 19.5 m.

Earnings per share for the third quarter stood at 9 fils, compared to 11 fils for the same period of last year.

The lower net profit was mainly due to higher provisioning during the quarter.  Total comprehensive income attributable to the owners of the Bank amounted to BD 20.7 m during the third quarter of 2024, compared to BD 23.7 m for the same period of last year, recording a decrease of 12.7%. Despite other comprehensive income remaining stable at BD 4.2 m, the decline is primarily due to the lower net profit recorded for the period.

Nine months

The Bank achieved net profit attributable to the owners of the Bank amounting to BD 53.0 m compared to BD 56.5 m for the same period last year, marking a drop of 6.2%.

Earnings per share amounted to 29 fils compared to 31 fils for the same period of last year. The reduction was mainly attributable to higher provisioning allocation during the period. Total comprehensive income attributable to the owners of the Bank amounted to BD 57.7 m compared to BD 60.4 m for the same period of last year representing a drop of 4.5%, mainly due to the lower net profit recorded for the period.

The net fees and commission income increased from BD 10.1 m to BD 13.5 m, recording a growth of 33.7% , while investment and other income experienced a growth of 39.6% increasing from BD 11.1 m to BD 15.5 m.

As a result, the total operating income increased by 2.1% from BD 121.0 m to BD 123.6 m, reflecting the Bank’s dynamic business model and its efforts to diversify income from non-interest income streams.

BBK’s Group Chief Executive, Mr. Yaser Alsharifi, commented on the Bank’s financial results, stating, “BBK remains sound in its commitment to a robust business model that aims to deliver value to shareholders and enhance customer trust. This commitment is reflected in the significant increase in customer deposits.

Furthermore, BBK has initiated several strategic collaborations with key players in the real estate, airlines, and automotive sectors, as we continue to prioritize delivering elite service and distinctive product offerings to our customers”.