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

Today's weather in Bahrain
Sep 23

Today's weather in Bahrain

Manama : The Meteorological Directorate forecasts a generally fine weather.Wind: Variable 5 to 10 knots, but mainly north-westerly to north-easterly, 10 to 15 knots at times during the day.Temperature: Maximum 37 degrees Celsius and minimum 27 degrees Celsius.Humidity: Maximum 85% and minimum humidity 30%Sea waves: 1...

Read More
Qatar crisis  could last  longer: FM
Sep 23

Qatar crisis could last longer: FM

Manama : Foreign Affairs Minister Shaikh Khalid bin Ahmed Al Khalifa has said that the current crisis with Qatar could continue for another decade if no “actual solution” is attained. “Defending our interests shouldn’t be connected with a time frame even if the crisis lasted for ten...

Read More
Health Minister visits domestic violence victim
Sep 23

Health Minister visits domestic violence victim

Manama : Health Minister Faeqa Al Saleh on Thursday visited the domestic violence victim who was brutally beaten up by her ex-husband last week and was hospitalised at Salmaniya Medical Complex (SMC). The minister met Syrian national Zahra Subhi, 35, and was reassured about her condition and treatment by the medical...

Read More
Brave celebrates first anniversary
Sep 23

Brave celebrates first anniversary

Manama : Wishes poured in from athletes all over the world as Bahrain’s first sports media property, the Brave Combat Federation, celebrated its first anniversary on the occasion of the birthday of the founder of the organisation, His Highness Shaikh Khalid bin Hamad Al Khalifa.   International MMA...

Read More
Bahrain International Circuit, Think Pink Bahrain record attempt today
Sep 23

Bahrain International Circuit, Think Pink Bahrain record attempt today

Manama : Bahrain International Circuit (BIC) hosts today at 3pm, one of the biggest charity initiatives ever to take place on the island. In cooperation with Think Pink Bahrain, a Guinness World Record will be attempted as the community comes together to build the largest pink chain ribbon which aims to help...

Read More
Bahrain’s human rights protection efforts lauded
Sep 23

Bahrain’s human rights protection efforts lauded

Geneva : The delegates to the 36th Session of the Human Rights Council in Geneva yesterday praised the statement made by Assistant Foreign Minister, Abdulla bin Faisal bin Jabur Al Doseri, on Bahrain’s position on the recommendations contained in the report of the working group on the third comprehensive...

Read More
Bahrain Foreign Exchange Rates
Sep 22

Bahrain Foreign Exchange Rates

Currency NameCodeBank Transfer  UAE Dirham AED 9.69462  Australian Dollars AUD 3.22664  Bangladeshi Taka BDT 211.41649  Canadian Dollars CAD 3.18319  Swiss Francs CHF 2.52372  Egyptian...

Read More
GCC Gold Rates
Sep 22

GCC Gold Rates

Country (22kt/gm) (24kt/gm) United Arab Emirates 147.50 AED 157.25 AED Qatar 150.00 QAR 160.00 QAR Bahrain 15.00 BHD 16.00 BHD Kuwait 12.35 KWD 12.90 KWD Oman 15.80 OMR 16.50 OMR Saudi...

Read More
HM King’s Ashoora grant hailed
Sep 22

HM King’s Ashoora grant hailed

Manama : Head of the Jaffari Endowments Directorate, Shaikh Mohsen bin Al-Shaikh Abdul Hussain Al-Asfoor, has extended thanks and appreciation to His Majesty King Hamad bin Isa Al Khalifa for his directives to distribute the annual grant to community centres and  Hussainiya  centres.  The ...

Read More
Today's weather in Bahrain
Sep 22

Today's weather in Bahrain

Manama : The Meteorological Directorate forecasts a hot and humid weather at times.Wind: Variable 5 to 10 knots, but mainly easterly to south-easterly, 12 to 17 knots at times.Temperature: Maximum 38 degrees Celsius and minimum 28 degrees Celsius.Humidity: Maximum 85% and minimum humidity 30%Sea waves: 1 to 2 feet...

Read More