NBB profit up 15.9pc at BD 36.79 m in first half

Manama : National Bank of Bahrain (NBB) has reported a net profit of BD 36.79 million ($ 97.85 million) for the first half of 2018, an increase of 15.9pc as compared to the same period last year.

In the year ago period, net income was BD 31.74m ($ 84.41m). Earnings per share (EPS) was 26.6 fils, compared to 23.0 fils year-on-year The bank attributed the increase in net profit to strong improvement in net interest income linked to growth in loans and advances and improved net interest margin on the back of better asset liability management.

Provisions were significantly lower than the corresponding period for 2017, contributing to the overall rise in net profit. Loans and advances were up 18.3pc to BD 1,246.81m ($ 3,315.98 million). Customer deposits was BD 2,091.49m ($ 5,562.47m) compared to BD 2,143.04m ($ 5,699.57m) in the year ago period.

Net impairment loss was significantly lower at BD1.27m ($ 3.38m) compared to BD 6.27m ($16.68m) y-o-y. Total operating costs was BD 20.91m ($ 55.61m) compared to BD 15.61m ($41.52m). Operating profit rose 9.5pc y-o-y to BD 38.06m ($101.22m) excluding certain one-off income of BD 3.26m (US$ 8.67m) in the previous year. Net interest Income rose 17.6pc y-o-y to BD 41.09m ($ 109.28m).

For the second quarter of 2018, the bank’s net profit was BD17.05m ($ 45.35m) compared to BD 17.00m ($ 45.21m) in the prior year quarter.