NBB ninemonth net profit rises 11 per cent

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Email: mail@newsobahrain.com

National Bank of Bahrain (NBB) has reported a 5% increase in net profit attributable to shareholders reaching BHD 19.1 million (USD 50.7m) for the third quarter ended 30 September 2024, compared to BHD 18.2m (USD 48.3m) in the same period of 2023.

The increase is driven mainly by asset growth leading to higher net interest income. Earnings per share at 8 fils (USD 2 cents) for the third quarter of 2024 are in line with the same period in 2023.

Total comprehensive income attributable to NBB’s shareholders decreased by 2% to BHD 20.0m (USD 53.1m) compared to BHD 20.5m (USD 54.4m) in 2023. The decrease is mainly attributable to the mark-tomarket movements of the bond portfolio.

Year-to-date

NBB has reported an 11% increase in its net profit attributable to the shareholders for the nine months ended 30 September 2024, recording BHD 65.7m (USD 174.3m) compared to BHD 59.0m (USD 156.5m) for the same period of 2023.

The increase in net profit is mainly due to higher net interest income driven by a stronger balance sheet compared to the same period in 2023, and higher gains from investment securities and treasury activities.

Earnings per share increased to 29 fils (USD 8 cents) for the period compared with 26 fils (USD 7 cents) for the same period in 2023.

Total comprehensive income attributable to NBB’s shareholders for the period increased by 13% to BHD 71.4m (USD 189.4m) compared with 63.3m (USD 167.9m) in 2023.

The increase is mainly attributable to the positive mark-to-market movements of the equity portfolio and to a higher attributable net profit.

The Group’s total equity attributable to shareholders of 30 September 2024 is at BHD 567.6m (USD 1,505.6m) compared to BHD 565.0m (USD 1,498.7m) reported as of 31 December 2023.  

The Group’s total assets increased by 7% during the period to BHD 5,759.9m (USD 15,278.2m) compared to BHD 5,372.5m (USD 14,250.7m) recorded on 31 December 2023.

The increase was mainly due to loans and advances registering a growth of 16% from 31 December 2023.  

Strong quarter

On the occasion, Mrs. Hala Yateem, Chairperson of NBB said, “Another strong quarter is a testament of our unwavering commitment to continue delivering impactful shareholder value.

NBB reported double-digit growth in attributable profit for the nine months ending 30 September, reaching BHD 65.7m with a 11% increase from the same period last year.

The third quarter also saw us reach the highest level of total assets in the Group’s history, amounting to BHD 5.8 billion and representing a 7% growth from the year-end level.

This robust balance sheet signifies the trust our customers place in our services. Looking ahead, we remain focused on sustaining our strong performance while pushing the boundaries of innovation to achieve continued success.” 

Organic growth

Usman Ahmed, Group CEO of NBB commented, “The third quarter of 2024 highlights NBB’s continued strength and successful execution of our strategy, as it marks the fifth consecutive quarter with yearon-year attributable profit growth. 

Our operating profit for the nine months reached BHD 75.5m with a 10% rise compared to the same period last year. This performance is driven by our organic growth across the region, with significant increases in loans and deposits of 16% and 9% respectably from the year-end level.

As we move forward, we remain focused on driving growth by creating tangible value for our clients and stakeholders.”