NBB profit jumps 24% to BD 19.4 million in Q1 2022
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Helped by higher interest income from loans and lower provisioning requirements, National Bank of Bahrain said its profits rose 24% in the first quarter of 2022. “We are very pleased with our overall financial results for the first quarter of the year, which demonstrate positive growth following a year of many milestones.
Our underlying operating profits have shown an increase of 6% from the same period in 2021, and the Group’s balance sheet remains strong and has demonstrated a growth since December 2021,” said NBB’s Chairman, Farouk Yousuf Khalil Al Moayyed. Q1 results Net profit attributable to equity shareholders rose 24% to BHD 19.4 million (USD 51.5 m) from BHD 15.6 m (USD 41.4 m) in the same period of 2021.
Earnings per share increased to 9 fils (USD 2 cents) from 8 fils (USD 2 cents) in the same period of 2021. Total comprehensive income attributable to NBB’s equity shareholders increased by 154% to BHD 40.9 m (USD 108.5 m) compared with BHD 16.1 m (USD 42.7 m) in 2021.
The increase is predominantly attributable to the mark-to-market movements of the Bahrain sovereign bond and equity portfolios. Operating income increased by 10% to BHD 42.5 m (USD 112.7 m) compared with BHD 38.7 m (USD 102.7 m) in the prior year three month period. The increase was predominantly attributable to higher interest income from loans. The Group’s total equity attributable to owners increased by 1% to BHD 531.3 m (USD 1,409.3 m) compared with BHD 527.8 m (USD 1,400.0 million) recorded as of 31 December 2021.
The increase was due to the profits for the first quarter of 2022 and the mark-to-market movements of Bahrain sovereign bonds and equity portfolios, offset by a reduction in equity following the transfer of 20% cash dividends. NBB’s Chairman, Farouk Yousuf Khalil Al Moayyed, said: “NBB has also recorded numerous non-financial achievements to date, one of which is ranking first in the entire Arab World as per Refinitiv Environmental, Social and Governance (ESG) Scores for Banking Services Companies.
The ranking solidifies the Bank’s sustainability efforts as part of its goal to becoming a greener organisation. In line with our humanitarian efforts and our pride in being a national enabler, NBB has extended its support throughout the quarter towards many of the Kingdom’s initiatives.
The Bank was involved in the establishment and inauguration of three playgrounds across the Kingdom as part of HH Shaikh Nasser bin Hamad Al Khalifa’s initiative of establishing Al Furjan Playgrounds. NBB is currently supporting the KHK Initiative with Smile for Children with Cancer as part of His Highness Shaikh Khalid bin Hamad Al Khalifa’s initiatives to support the Kingdom’s social wellbeing and provide psychosocial support to children with cancer.
We look forward to the many milestones ahead as we focus on supporting the Kingdom and satisfying our customers.” Jean-Christophe Durand, Chief Executive Officer of NBB, added, “Our strong positioning in the market has enabled us to expand our product and services portfolio through various partnerships which has contributed to enhancing our overall performance.”
“NBB launched its education finance product to provide financing across all academic levels. We have also enhanced our offering by partnering with prominent academic institutions in the Kingdom including the British University of Bahrain and the American University of Bahrain. Our support was also extended to the Arabian Gulf University’s two-day campaign at the Avenues Mall for Heart Disease Awareness Month as the Bank endeavours to promote health and wellness within the Kingdom.
Additionally, the Bank launched a campaign as a tribute to women across the Kingdom which featured an exclusive credit card promotion, special offers and valuable prizes. We were also pleased to extend our offering to Mazaya and Joint Housing beneficiaries for the final phase of the “Deerat Al Oyoun” real estate development project.
Finally, NBB has been a proud strategic partner in the Lamea programme, a government initiative that equipped Bahraini youth with the skills and guidance to become the next generation of young leaders. NBB continues to elevate its services through strategic partnerships in support of our community as we look forward to a successful year ahead.”