25 July 2014   
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 Net Profit of BD 14.11 million (US$ 37.53 million) for Qtr 1 - 2012

Key Highlights:

  • YTD March 2012 Net Profit BD 14.11 million, up by 3.5 % over the previous year.
  • YTD March 2012 Total Operating Income BD 25.08 million, up by 17.4 % over the previous year.
  • Total Customer Deposits BD 1,920.99 million, up by 11.4 % over March 2011.
  • Total Earning Assets BD 2,321.48 million, up by 12.3 % over March 2011.

The Bank recorded a Net Profit of BD 14.11 million (US$ 37.53 million) for the first quarter of 2012 compared to BD 13.63 million (US$ 36.25 million) for the corresponding period of the previous year, an increase of 3.5 %. This has been achieved despite setting aside BD 3.74 million (US$ 9.95 million) towards general loan loss provision as part of the Bank's continuous efforts to strengthen its balance sheet and in line with its prudent provisioning policies.

The financial results were approved at the Board meeting held on 19th April 2012 chaired by the Bank’s Chairman Mr. Farouk Yousuf Khalil Almoayyed. Expressing his satisfaction on the steady and consistent results achieved by the Bank, Mr. Almoayyed thanked and appreciated the efforts of the Bank’s executive management team and the employees for their dedication.

Commenting on the Bank’s performance and future outlook, Mr. Abdul Razak Abdulla Hassan Al Qassim, Chief Executive Officer & Director said, “We continue to deepen our domestic market presence by pursuing new business opportunities and leveraging our existing customer relationships. The results reflect the success of our key business initiatives built on a sound business model. We will focus on new opportunities, diversify income steams while maintaining a prudent approach to asset quality.”

The Net Interest Income for the three months period in 2012 was BD 15.92 million (US$ 42.34 million) compared to BD 13.36 million (US$ 35.53 million) for the corresponding period of the previous year, a strong growth of 19.2 % which is attributable to growth in earning assets and improved returns on asset deployment. Other income for the three months period in 2012 was BD 9.16 million (US$ 24.36 million) compared to BD 8.00 (US$ 21.28 million) for the corresponding period of the previous year, an increase of 14.5%, resulting from increased business volumes. Operating expenses increased marginally from BD 6.81 million (US$ 18.11 million) for the three months period in 2011 to BD 7.23 million (US$ 19.23 million) for the three months period in 2012 as a result of growth in the underlying business activities. As a matter of prudence, the Bank took a voluntary general loan loss provision of BD 3.74 million (US$ 9.95 million) during the current year to further strengthen its balance sheet position.

The Bank’s focus on the domestic market has been rewarding with an increase in business and market position. Total Earning Assets (comprising of Treasury bills, Bank placements, Loans & Advances and Investment securities) as at 31 Mar 2012 stood at BD 2,321.48 million (US$ 6,174.15 million) compared to BD 2,068.04 million (US$ 5,500.11 million) as at 31 Mar 2011. Customer Deposits as at 31 Mar 2012 stood at BD 1,920.99 million (US$ 5,109.02 million) compared to BD 1,724.69 million (US$ 4,586.94 million) as at 31 Mar 2011, an increase of 11.4%.

The Earnings per share for the three months of 2012 was 16.5 fils compared to 15.9 fils for the corresponding period of 2011.

Financial Summary (31 March)

 

2012
BD

2012
USD

2011
BD

2011
USD

Loans and advances

973.17

2,588.22

939.31

2,498.16

Investment securities

633.66

1,685.27

698.26

1,857.07

Total Earning Assets (Treasury Bills, Bank Placements, Loans & Advances and Investment securities)

2,321.48

6,174.15

2,068.04

5,500.11

Customers’ deposits

1,920.99

5,109.02

1,724.69

4,586.94

Total assets

2,448.55

6,512.10

2,193.62

5,834.10

 

 

 

 

 

Net Profit

14.11

37.53

13.63

36.25

 

 

 

 

 

Earnings per share

16.5 fils

4.4 cents

15.9 fils

4.2 cents

Annualised return on average equity

20.6 %

20.6 %

21.5 %

21.5 %

Notes to editors:

About National Bank of Bahrain:
National Bank of Bahrain was established in 1957 as the first indigenous bank in Bahrain. A nation-wide network of 25 branches, 55 ATMs in addition to our branches in Abu Dhabi and Riyadh makes NBB the leading provider of commercial and retail banking services in Bahrain.

Credit Ratings:

 

Foreign Currency

 

Moody’s

FSR
C-

Long Term
Baa1

Short Term
P2

 

Fitch

Viability Rating
 bbb

Long Term
BBB

Short Term
F3

Support
2

Capital Intelligence

Financial Strength
A

Long Term
BBB+

Short Term
A2

Support
1

 

For more information about National Bank of Bahrain, please contact Tuhin Roy Chowdhury or Sahar Mandeel, Corporate Communications Dept., tel: (00973) 17 228800 ext. 5405, fax: (00973) 17 211307, email: nbb@nbbonline.com or visit our website www.nbbonline.com.

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