BDB continues record of growth in business & profits

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Development Bank (BDB), a development bank and leading provider of financial and incubation services to SMEs, announced extending 281 financing facilities aggregating to BD 9.6 million during the first half of 2021, ending June 30. BDB said that 81 of the financing facilities were for new units.

The facilities extended, BDB said, expects to facilitate the creation of 173 new jobs and value addition of BD 5.9 m. Of the facilities extended, 45 were to women and youth, and 32 were under the Fisheries, Agriculture & Education Schemes. BDB said it also allowed deferment of instalments to 585 customers amounting to BD 48.2 m as per CBB guidelines.

BDB further said its financial performance recorded substantial improvement despite a tough operating environment on account of the pandemic.

Quarterly results

Net profit for the quarter ended June 30, 2021, was higher at BD 364K (Q1 2021 – BD 301K), and cumulative profit for the half-year rose to BD 665K as against BD 48 K during the corresponding period in the previous FY.

Total Assets (BD 226.3 m) remained more or less at the same level as at the end of the Prev. FY. (BD 226.5 m). BDB said it continues to maintain good liquidity and has a very healthy Capital Adequacy Ratio (CAR) of 64.3% Sanjeev Paul, Group Chief Executive Officer of BDB Group, said the performance of the bank during the first HY was on account of an effective strategy adopted by BDB in tune with the changes in the operating environment.

“This was a clear indication of the bank’s ability to adapt to the changes and its commitment to the SME’s.” He added: “The Digital Transformation Strategy currently being implemented will further extend the bank’s reach and support to the Kingdom’s SME community while substantially enhancing customers’ banking experience.”