Written by Nayla Barakat
Manama, March 28 (BNA): BBK shareholders approved today, Tuesday, the financial statement for the fiscal year ending on December 31, 2022. The general meeting of the General Assembly was chaired by Murad Ali Murad, Chairman of the Board of Directors, and was attended by the Bank’s shareholders and the Board of Directors. Members and members of the executive management.
During the General Assembly meeting, the shareholders approved the distribution of cash dividends of 40.9 million Bahraini dinars, or the equivalent of 25 fils per share, and a stock dividend of 5% per share, equivalent to 5 shares for every 100 shares owned for the year 2022.
Shareholders also agreed to grant bonus shares worth BD 8.1 million, an exceptional one-time cash distribution of 5 fils per share to shareholders on the occasion of the BBK’s 50th anniversary celebration.
Murad Ali Murad said: “BBK’s strong performance during the year demonstrated once again the group’s ability to withstand challenging economic cycles as well as its commitment to achieving the goals set out in the new 2022-2024 strategy, which places greater emphasis on sustainability.” contributors.
BBK achieved a net profit attributable to the owners of the bank of BD 64.4 million in 2022, an increase of 21.3% over 2021. Basic and diluted earnings per share were 39 fils during 2022 compared to 32 fils during 2021. Shareholders’ equity attributable to the owners of the bank is at BD 596.3 million at the end of 2022 compared to BD 542.8 million at the end of 2021. The increase in net profit is mainly due to an increase in net interest income by 24.1% compared to the previous year to reach BD 102.5. million dollars during the year 2022 as a result of the active management of the balance sheet that the bank followed, in response to the increase in interest rates during the year. On the other hand, net provisions for provisions increased from BD 2.9 million to BD 8 million as a result of the bank’s prudent approach to risk management, and to enhance the bank’s financial flexibility in light of the difficult economic environment.
“2022 was a landmark year as the Bank celebrated its Golden Jubilee and achieved net profit growth of 21.3%. This strong performance and steady improvements in the Bank’s operations reflect BBK’s clear vision, robust business model and adaptive strategies, coupled with the high levels of professionalism among our team. Murad Ali Murad added.
“The higher growth comes on the back of higher interest rates, strong liquidity, and digital transformation initiatives that have helped the Bank to enhance its services and better manage expenses. The contribution of our subsidiaries and overseas branches has also been a major factor in our financial success this year.
The banking industry has evolved, market conditions have fluctuated, and customer expectations have shifted dramatically over the past five decades, however, BBK’s commitment to providing innovative services and contributing to Bahrain’s economic and social growth remains unwavering.”