Bahrain – National Bank of Bahrain (NBB) reported a 60% increase in net profit attributable to shareholders in the third quarter (Q3) to BD 18.2 million ($48.3 million) and a 16% increase in nine months ($9 million). reported an increase. The net profit attributable to this is BD59 million.
The sharp increase in the third quarter was primarily due to lower provisioning requirements in the third quarter of 2023 compared to the same period in 2022, as well as higher revenues from underlying loan, offering, and investment securities activities. It’s because of what I did.
Earnings per share for the third quarter of 2023 increased to 8 fils (2 cents) compared to 5 fils (1 dollar cent) in the same quarter of 2022.
Total comprehensive income
Total comprehensive income attributable to NBB shareholders for the quarter increased by 109% to BD 20.5 million compared to BD 9.8 million in 2022. This increase was primarily due to changes in the market value of banks’ bonds.
The increase in net income of 9 million was due to higher income from lending, placement and investment securities and lower provisions compared to the same period in 2022.
Earnings per share for the period increased to 26 fils from 23 fils in the same period in 2022.
Total comprehensive income attributable to NBB shareholders for the period increased by 28% to BD 63.3 million compared to BD 49.3 million in 2022. This increase was primarily due to changes in the market value of banks’ bonds.
Total capital
The Group’s total capital attributable to owners decreased by 2% to BD 554.3 million as at 30 September 2023, compared to BD 565.9 million reported at 31 December 2022. . This decrease follows the payment of a cash dividend of BD74 million in 2023. Relationship to 2022 expenditures and 2023 interim dividend. These payments were primarily offset by attributable profits in September 2023.
Group total assets for the quarter increased by 5% to BD 5,003 million compared to BD 4,785 million recorded on December 31, 2022.
Farouk Yusuf Khalil Almoaid, Chairman of NBB’s Board of Directors, said: “NBB maintained its momentum in the third quarter of this year, recording stable growth, with operating profit and operating profit for the nine quarters of 7% and 2%, respectively. It was announced that the number had increased.” A few months compared to the same period last year.
non-financial focus
“Our non-financial focus on ESG and CSR initiatives is indicative of our long-term strategy for sustainable banking and our commitment to developing the next generation of banking professionals. We are particularly proud of our EVOLVE initiative, NBB’s bespoke internship and training program for students across Bahrain. We will continue on our path to leading the Kingdom’s financial industry by playing an active role.”
Usman Ahmed, Group Chief Executive Officer of NBB, commented: “NBB has demonstrated effective balance sheet management, with assets increasing by 5% from year-end levels, with a closing value of over BD5 billion as at 30 September 2023, a record level for the group.
“The results in the third quarter extend beyond financial results, with NBB once again recognized as ‘Bahrain’s Best Bank for ESG’ for the second year in a row at the 2023 Euromoney Awards for Excellence. Ta. We are proud of the milestones he has achieved so far in 2023 and look forward to continued success in the future. ”
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