Manama, May 10 (BNA): The National Bank of Bahrain B.S.C. (NBB) reported a 24% increase in its net profit attributable to shareholders to reach BD19.4 million ($51.5 million) for the first quarter ended March 31, compared to the first quarter of this year. 15.6 million Bahraini dinars (US$41.4 million) in the same period in 2021.
The increase in net profit was mostly attributable to higher interest income from loans and lower provisioning requirements in 2022, due to the large prudential margins created in previous years.
Basic and diluted earnings per share for the first quarter increased to 9 fils ($2 cents) compared to 8 fils ($2 cents) in the same period in 2021.
Total comprehensive income attributable to shareholders of National Bank of Bahrain increased by 154% to BD40.9 million ($108.5 million) compared to BD16.1 million ($42.7 million) in 2021. This increase is mainly due to market movements. From sovereign bonds and Bahraini stock portfolios.
Operating income increased by 10% in the first quarter to reach BD42.5 million (US$112.7 million) compared to BD38.7 million (US$102.7 million) in the same period last year. The increase was mainly due to higher interest income from loans.
Total equity attributable to owners increased by 1% to BD531.3 million ($1,409.3 million) compared to BD527.8 million ($1,400.0 million) as of December 31, 2021. This increase is attributable to first-quarter earnings. of the year. 2022 and market movements of Bahraini sovereign bonds and equity portfolios, offset by a decrease in equity after the conversion of 20% cash dividends.
Total Group assets during the first three months of 2022 increased by 2% to BD4,642.3 million ($12,313.8 million) compared to BD4,535.6 million ($12,030.8 million) recorded on December 31, 2021. The increase is due to the higher level of liquidity held in the balance sheet. .
“We are very pleased with our overall financial results for the first quarter of the year, which are showing positive growth after a busy year. Our core operating profit showed an increase of 6% over the same period in 2021, and the group balance sheet remains strong and has shown growth since December 2021, said Farouk Yousef Khalil Almoayyed, Chairman of the Board of Directors of National Bank of Bahrain.
The National Bank of Bahrain has also recorded several non-financial achievements to date, one of which is ranked first in the entire Arab world according to Refinitiv’s Environmental, Social and Governance (ESG) results for banking services companies. The rating enhances the bank’s sustainability efforts as part of its goal of becoming a greener organisation. In line with our humanitarian efforts and our pride in being a national enabler, the National Bank of Bahrain lent its support over the course of the quarter towards many of the Kingdom’s initiatives.”
The Bank participated in the construction and opening of three stadiums throughout the Kingdom as part of the initiative of His Highness Sheikh Nasser bin Hamad Al Khalifa to establish Al Furjan Stadiums. The National Bank of Bahrain is currently supporting the KHK with a smile initiative for children with cancer as part of the initiatives of His Highness Sheikh Khalid bin Hamad Al Khalifa to support social welfare in the Kingdom and provide psychosocial support to children with cancer. We look forward to many more achievements to come as we focus on supporting the Kingdom and satisfying our customers.”
FKN