NBB Q1 net profit at BD14.74 million
 
, Posted on 21-Apr-2017


NBB Q1 net profit at BD14.74 million

Manama : The National Bank of Bahrain (NBB) yesterday announced financial results for the first quarter of 2017, reporting a net profit of BD14.74 million (US$39.20m) compared to BD17.76m (US$47.23m) for the corresponding period of the previous year, a decrease of 17.0pc. 

The bank achieved an Operating Profit of BD19.05m (US$50.66m) for the first quarter of 2017, an increase of 3.8pc over BD18.36m (US$48.83m) achieved during the first quarter of 2016. 

Expressing his satisfaction on the improvement in the core business and operating profitability of the Bank, the Chairman Farouk Yousuf Khalil Almoayyed stated that the Bank’s Net Profit has been impacted by the need to take impairment on certain credit exposures due to financial difficulties faced by some borrowers. 

Commenting on the bank’s performance and future outlook, Jean Christophe Durand, Chief Executive Officer said, “While the external environment continues to be challenging, we will actively pursue new business opportunities by capitalizing on our strong domestic franchise, capital base and liquidity”.

For the three-month period in 2017, the bank recorded Net Interest Income of BD17.11m (US$45.50m) compared to BD15.78m (US$41.97m) for the corresponding period of the previous year. The increase of 8.4pc is on account of growth in business and better yield on assets. The Earnings per share was 11.7 fils compared to 14.1 fils for the corresponding period of 2016.

Other income for the three months period was BD9.60m (US$25.53m) compared to BD10.47m (US$27.85m).  While income from core business showed an increase, the decrease in total Other Income is attributable to higher dividend income on certain investments besides certain one-off income in the previous year. 

Operating expenses decreased marginally from BD7.89m (US$20.98m) for the three months period in 2016 to BD7.66m (US$20.37m) for the three months period in 2017. As result of the growth in income outpacing increase in costs, the Cost to Income Ratio showed a decrease from 30.1pc in 2016 to 28.7pc in 2017.  The bank took impairment provision of BD4.31m (US$11.46m) during the current year due to financial difficulties faced by some borrowers and the resultant inability to meet their obligations.

Steady progress has been achieved in the underlying business activities of the Bank with the Total Earning Assets (comprising of Treasury bills, Bank placements, Loans & Advances, Investment securities and Investment in Associates) increasing from BD2,784.19m (US$7,407.76m) as at 31 Mar 2016 to BD2,808.96m (US$7,470.64m) as at 31 Mar 2017.  

Loans & Advances grew by 8.4pc during the 1st quarter of 2017 to reach BD1,118.85m (US$2,975.66m). Customer Deposits as at 31 Mar 2017 stood at BD2,143.16m (US$5,699.89m) compared to BD2,216.81m (US$5,895.77m) as at 31 Mar 2016.

DT News Network


Related News

Bahrain Foreign Exchange Rates
Nov 21

Bahrain Foreign Exchange Rates

Currency NameCodeBank Transfer  UAE Dirham AED 9.68617  Australian Dollars AUD 3.38719  Bangladeshi Taka BDT 213.21962  Canadian Dollars CAD 3.31620  Swiss Francs CHF 2.58058  Egyptian...

Read More
GCC Gold Rates
Nov 21

GCC Gold Rates

Country (22kt/gm) (24kt/gm) United Arab Emirates 145.50 AED 155.00 AED Qatar 148.50 QAR 158.50 QAR Bahrain 14.90 BHD 15.90 BHD Kuwait 12.30 KWD 12.80 KWD Oman 15.70 OMR 16.35 OMR Saudi...

Read More
Al Salam Bank wins top award
Nov 21

Al Salam Bank wins top award

Manama : Al Salam Bank-Bahrain, one of the pioneering Shari’a-compliant Banks in the Kingdom, has been recognised with the “Critics’ Choice – The Best Islamic Retail Bank in Bahrain” Award by Cambridge IF Analytica.  The award, presented to Al Salam Bank-Bahrain at the...

Read More
KPMG announces seminar on  internal audit in cyber security
Nov 21

KPMG announces seminar on internal audit in cyber security

Manama : KPMG in Bahrain is hosting an educational seminar to shed light on the role of Internal Audit in preventing and addressing cyber-threats.  The seminar, titled “Why cyber security and the changing role of internal auditors””, will take place on 29 November 2017, at the Downtown...

Read More
NBB takes Citi Treasury Award
Nov 21

NBB takes Citi Treasury Award

Manama : The National Bank of Bahrain (NBB) yesterday announced winning the global banking giant CITI’s 2016 Performance Award for achieving Straight-Through Processing rates of 99.0 per cent for Treasury STP and 97.7pc for Commercial STP, respectively. The award, NBB said, is an important designation...

Read More
Bahrain Foreign Exchange Rates
Nov 20

Bahrain Foreign Exchange Rates

Currency NameCodeBank Transfer  UAE Dirham AED 9.68148  Australian Dollars AUD 3.38490  Bangladeshi Taka BDT 213.21962  Canadian Dollars CAD 3.30262  Swiss Francs CHF 2.56680  Egyptian...

Read More
GCC Gold Rates
Nov 20

GCC Gold Rates

Country (22kt/gm) (24kt/gm) United Arab Emirates 147.00 AED 156.50 AED Qatar 149.50 QAR 159.50 QAR Bahrain 15.00 BHD 16.00 BHD Kuwait 12.30 KWD 12.80 KWD Oman 15.85 OMR 16.50 OMR Saudi...

Read More
DANAT’s services in Jewellery Arabia
Nov 20

DANAT’s services in Jewellery Arabia

Manama : During the upcoming Jewellery Arabia tradeshow to be held under the patronage of HRH Prince Khalifa bin Salman Al Khalifa, Prime Minister, visitors will be treated to a wide array of services the Bahrain Institute for Pearls and Gemstones (DANAT) offers its clients and the public alike.  Located in...

Read More
Retailers hoarding cigarettes ahead of duty hike
Nov 20

Retailers hoarding cigarettes ahead of duty hike

Manama : Retailers are hoarding cigarettes in anticipation of a duty hike, leading to a sudden drought of the product in the local market.  According to officials, shops are storing but refraining from selling cigarettes to the public as the country is bracing for imposing taxes on tobacco products as well...

Read More
GCC Gold Rates
Nov 19

GCC Gold Rates

Country (22kt/gm) (24kt/gm) United Arab Emirates 147.25 AED 156.75 AED Qatar 149.50 QAR 159.50 QAR Bahrain 15.00 BHD 16.00 BHD Kuwait 12.30 KWD 12.80 KWD Oman 15.85 OMR 16.55 OMR Saudi...

Read More