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HomePress Release
 NBB achieves a profit of BD 36.95 million (US$ 98.27 million)

2009 Year-to-date September Results

National Bank of Bahrain today announced its financial results for the nine months ended 30 September 2009. The Bank achieved a net profit of BD 36.95 million (US$ 98.27 million) for the nine months of 2009 compared to BD 35.06 million (US$ 93.24 million) for the nine months of 2008. For the third quarter of 2009, the Bank recorded a Net Profit of BD 11.35 million (US$ 30.19 million) compared to BD 9.49 million (US$ 25.24 million) for the corresponding period of the previous year, an increase of 19.6 %.

Mr. Abdulla Ali Kanoo, the Chairman of the Board, commenting on the financial results stated, “The overall financial performance continues to be strong with a sound financial position, high capital adequacy ratio and healthy liquidity”. He thanked the Bank’s customers for their continued patronage and the confidence reposed by them in NBB and the Bank’s executive management team and the employees for their dedication and efforts in achieving these good results.

Commenting on the Bank’s performance, Mr. Abdul Razak A. Hassan Al Qassim, Chief Executive Officer and Director said, “These results reflect our ability to deliver sustained growth to our shareholders and is an improvement over the performance for the same period of last year despite a weak global and regional economic environment. Our core business and income levels have shown remarkable resilience during these difficult times and continue to increase. This notable achievement is a direct outcome of our strategy to achieve balanced growth while maintaining sound risk management policies and conservative business practices.”

The growth in the Bank’s business and tactical balance sheet management resulted in the net interest income increasing from BD 33.77 million (US$ 89.81 million) for the nine months period in 2008 to BD 37.25 million (US$ 99.07 million) for the nine months period in 2009, an increase of 10.3%. Other income for the current year was BD 18.90 million (US$ 50.27 million) compared to BD 19.71 million (US$ 52.42 million) for the previous year. While Other Income from core business activities continues to show good growth, income from syndications and mutual fund business declined on account of slow down in market activities. For the third quarter of 2009, the Net Interest Income increased by 9.4 % to reach BD 12.11 million (US$ 32.21 million) and Other Income increased by 30.1 % to reach BD 5.58 million (US$ 14.84 million) compared to the corresponding period of the previous year. Due to our continued emphasis on containing costs, Operating expenses increase was restricted to 2.2 % for the nine months of 2009 compared to the corresponding period of the previous year resulting in the Cost to Income Ratio improving from 34.8 % for the previous year to 33.9% for the current year. No major credit deterioration was observed and therefore no impairment provision for loans were made during the period.

Loans and advances stood at BD 1,110.67 million (US$ 2,953.91 million) as at 30th September 2009 compared to BD 1,095.71 million (US$ 2,914.12 million) as at 31st December 2008. Customer deposits stood at BD 1,455.23 million (US$ 3,870.29 million) as at 30th September 2009 compared to BD 1,519.25 million (US$ 4,040.56 million) as at 31st December 2008. The Bank’s investment securities portfolio was BD 429.92 million (US$ 1,143.40 million) as at 30th September 2009 compared to BD 399.18 million (US$ 1,061.65 million) as at 30th December 2008.

These results reflected an improved return to the shareholders with an annualised return on average equity of 21.7 % for the nine months of 2009 compared to 18.8 % for the corresponding period of 2008.                                              


Financial Summary (30 September)
In Millions
 
2009
BD
2009
USD
2008
BD
2008
USD
Loans and advances
1,110.67
2,953.91
1,122.41
2,985.13
Customer deposits
1,455.23
3,870.29
1,479.24
3,934.15
Investment securities
429.92
1,143.40
394.96
1,050.43
Total assets
2,034.50
5,410.90
2,042.59
5,432.42
 
Net Profit
36.95
98.27
35.06
93.24
 
Earnings per share
47.5 fils
12.6 cents
45.1 fils
12.0 cents
Annualised return on average equity
21.7 %
21.7 %
18.8 %
18.8 %


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