NBB reports doubledigit growth in profit
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Helped by higher income from the underlying loans, placements, and investment securities activities, as well as lower provisions, the National Bank of Bahrain said its third quarter 2023 profit grew 60% from the year ago quarter.
Q3 results
Third-quarter net profit attributable to shareholders rose 60% to BHD 18.2 million (USD 48.3m) from BHD 11.4m (USD 30.2m) in the same period of 2022. Earnings per share increased to 8 fils (USD 2 cents) from 5 fils (USD 1 cents) in the same quarter of 2022.
Total comprehensive income attributable to NBB’s shareholders increased by 109% to BHD 20.5m (USD 54.4m) compared to BHD 9.8m (USD 26.0m) in 2022. The increase is mainly attributable to the mark-to-market movements of the Bank’s debt securities.
Year-to-date
Nine-month net profit attributable to shareholders rose 16% to BHD 59.0m (USD 156.5m) from BHD 50.8m (USD 134.7m) in the same period of 2022. The rise in net profit was a result of increased income from loans, placements, and investment securities, as well as lower provisions compared to the same period in 2022.
Earnings per share increased to 26 fils (USD 7 cents) compared with 23 fils (USD 6 cents) in the same period of 2022. Total comprehensive income attributable to NBB’s shareholders increased by 28% to BHD 63.3m (USD 167.9m) compared with BHD 49.3m (USD 130.8m) in 2022.
The increase is mainly due to the mark-to-market movements of the Bank’s debt securities. NBB’s Chairman of the Board, Farouk Yousuf Khalil Almoayyed, said; “NBB will continue its path in leading the Kingdom’s financial industry while playing an active role in benefitting the Bahraini society.”
NBB’s Group Chief Executive Officer, Usman Ahmed, commented; ‘We are pleased to announce an attributable net profit of BHD 59.0m for the nine months and BHD 18.2m for the third quarter, representing double-digit growth rates of 16% and 60% when compared to the same periods in 2022.
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