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
May 29

Bahrain Foreign Exchange Rates

Currency Name Code Bank Transfer  UAE Dirham AED 9.69744  Australian Dollars AUD 3.44994  Bangladeshi Taka BDT 211.41649  Canadian Dollars CAD 3.48639  Swiss...

Read More
GCC Gold Rates
May 29

GCC Gold Rates

Country (22kt/gm) (24kt/gm) United Arab Emirates 144.00 AED 153.25 AED Qatar 145.00 QAR 155.00 QAR Bahrain 14.90 BHD 15.80 BHD Kuwait 12.10 KWD 12.60 KWD Oman 15.55 OMR 16.20 OMR Saudi...

Read More
ACMB holds inaugural meeting
May 29

ACMB holds inaugural meeting

Manama : The ASEAN Committee in Manama Bahrain (ACMB) held its inaugural meeting on Thursday at the residence of the Philippine Ambassador to the Kingdom of Bahrain, Alfonso A. Ver, in Bu Ashira, Manama. The ACMB was established after the ASEAN Foreign Ministers approved last month the request for the...

Read More
3.7pc growth  in non-oil sector: EDB
May 29

3.7pc growth in non-oil sector: EDB

Manama : Fuelled by an impressive 3.7 per cent growth in the non-oil sector, Bahrain recorded an overall economic growth of 3pc in 2016, a key report revealed yesterday.  This according to the latest figures published in the Economic Development Board’s Bahrain Economic Quarterly also marks an...

Read More
Ramadan treat at Ramee Grand
May 29

Ramadan treat at Ramee Grand

Manama : Ramee Grand Hotel and Spa has announced launching a campaign to promote Ramadan treat with Arabesque inspired Ramadan Tent at Al Bahrain Ballroom. “Chef Anurag and his team will be displaying an array of mouthwatering Arabic and International menu selection to savour. The Table will be set with...

Read More
Tamkeen, BisB launch BD20m portfolio
May 29

Tamkeen, BisB launch BD20m portfolio

Manama : Tamkeen’s labour fund and Bahrain Islamic Bank inaugurated a BD20 million portfolio under the programme Tamweel+, to support medium and large enterprises. The programme provides Sharia-compliant financing, with Tamkeen supporting 70 per cent of the annual profit rate capped at 8pc on reducing...

Read More
Ahlia University wins Bahrain Bourse TradeQuest
May 29

Ahlia University wins Bahrain Bourse TradeQuest

Manama : Ahlia University emerged as the winner of the TradeQuest challenge organised by the Bahrain Bourse in which five teams from universities all over the Bahrain participated.  BIBF and the University of Bahrain grabbed the second and third spot, respectively.  Announcing the awards at a ceremony...

Read More
Batelco and Gulf Air sign new deal for communication
May 29

Batelco and Gulf Air sign new deal for communication

Manama : Batelco, and Gulf Air have signed an agreement to ensure the delivery of the latest communications solutions for Gulf Air’s evolving operation. The agreement also extends the business relationship of the firms who are marking 40 years of partnership. Under the agreement, Batelco will provide Gulf...

Read More
GCC Gold Rates
May 28

GCC Gold Rates

Country (22kt/gm) (24kt/gm) United Arab Emirates 144.25 AED 153.50 AED Qatar 145.00 QAR 155.00 QAR Bahrain 14.90 BHD 15.80 BHD Kuwait 12.10 KWD 12.60 KWD Oman 15.55 OMR 16.20 OMR Saudi...

Read More
GPIC completes 24m hrs without lost time
May 28

GPIC completes 24m hrs without lost time

Manama : Gulf Petrochemical Industries Co. (GPIC) said it has achieved more than 24 million hours of work without a lost time accident in 2016, which also resulted in recording a profit of US$1 million for the year.  The results, according to GPIC’s Annual Report released yesterday, has maintained the...

Read More