NBB net profit up 7pc to BD49.43m
Manama : The National Bank of Bahrain (NBB) yesterday announced financial results for the nine months ended 30 September 2017 reporting a net profit of BD49.43 million (US$131.46m) compared to BD46.21m (US$122.90m) for the corresponding period of the previous year, an increase of 7.0 per cent. Earnings per share (EPS) for the period was 39.2 fils, compared to 36.7 fils for 2016.
During the nine months period, the bank achieved an operating profit of BD55.77m (US$148.32m), an increase of 11.3pc over BD50.13m (US$133.32m) achieved during the same period of 2016.
The bank said it set aside BD6.27m (US$16.68m) as impairment provisions during 2017 due to financial difficulties faced by some borrowers and the resultant inability to meet their obligations.
Net Interest Income was BD54.03m (US$143.70m) for 2017 compared to BD48.67m (US$129.44m) for 2016. The increase of 11.0pc is attributable to growth in earning assets and better asset liability management resulting in a strong improvement in the net interest margin.
For the third quarter of 2017, NBB recorded a net profit of BD17.69m (US$47.05m) compared to BD14.49m (US$38.54m) for the third quarter of 2016, a strong increase of 22.1pc.
Commenting on the results, Chairman Farouk Yousuf Khalil Almoayyed said, “We’re extremely pleased with the strong results and growth in profitability that the Bank has delivered.”
Jean-Christophe Durand, Chief Executive Officer, said, “The third quarter of 2017 saw strong improvements in profitability. This can be attributed to a number of key factors including increased interest margins and, importantly, growth in the underlying business building on our strengths and pursuing effective diversification.”
Total earning assets (comprising of Treasury bills, Bank placements, Loans & Advances, Securities and Investment in Associates) was BD2,865.74m (US$7,621.65m) as ``at 30 September 2017 compared to BD2,716.47m (US$ 7,224.65m) as at 30 September 2016. Loans & Advances grew by 12.1pc to reach BD1,147.80m (BD 3,052.66m) during the same period.
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