NBB reports record Q1 profit with 23% growth

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

National Bank of Bahrain has reported a 23% increase in its net profit attributable to the shareholders for the first quarter ended 31 March 2024, posting BHD 27.5 million (USD 72.9 m) compared to BHD 22.4 m (USD 59.4 m) for the same period of 2023.

The increase in net profit is mainly due higher net interest income driven by a stronger average balance sheet compared to the first quarter of 2023, higher gains from investment securities and hedging activities, as well as lower provisioning requirements.

Earnings per share increased to 12 fils (USD 3 cents) for the first quarter of 2024 compared with 10 fils (USD 3 cents) for the same quarter of 2023.

Total comprehensive income attributable to NBB’s shareholders increased by 108% to BHD 32.0 m (USD 84.9 m compared with BHD 15.4 m (USD 40.8 m) in 2023.

The increase is attributable to the positive mark-tomarket movements of the equity and Bahrain sovereign bond portfolios.

On first quarter performance, Mrs. Hala Ali Husain Yateem, Chairperson of NBB said, “NBB Group has continued its growth trajectory across its key markets of Bahrain, UAE and Saudi Arabia, with attributable profit reaching a record BHD 27.5 million in the first quarter of 2024, making it the highest quarterly profit in the Group’s history, with a growth of 23% compared to the same period last year.

The balance sheet at the end of the quarter remains strong with total assets exceeding BHD 5.0 billion.

This performance translates into an annualised average return on equity of 19.3%, highlighting our commitment to delivering exceptional value to our shareholders. The quarter also marked our strong focus on ESG alongside financial success.

These achievements reflect a strong start to 2024, and we look forward to a successful rest of the year.” Mr. Usman Ahmed, Group CEO of NBB commented, “NBB delivered robust performance in the first quarter of 2024, characterised by significant financial and non-financial achievements.

Building on the previous year’s momentum, operating income and operating profit registered increases of 13% and 6% compared to Q1 2023.

This consistent progress underscores NBB’s focus on successfully executing its organic growth strategy.”