TDT | Manama
Daily Tribune – www.newsofbahrain.com
BBK announced its financial results for the year ended September 30, 2023, reporting an increase in profit for the third quarter and nine months compared to the same period last year.
Third quarter results
Net profit attributable to owners of the Bank was BD 19.5 million, an increase of 39.3% compared to BD 14 million in the same period last year.
Earnings per share were 11 fils, compared to 8 fils in the same period last year.
Total comprehensive income attributable to owners of the Bank increased from BD 12.3 million in the same period last year to BD 23.7 million, an increase of 92.7%.
This was due to an increase in the valuation of investment securities and an increase in profits.
The increase in net income was mainly due to the increase in net interest income, which increased by 27.1% from BD 26.2 million in Q3 2022 to BD 33.3 million in Q3 this year, due to effective balance sheet management and interest rate impact. Increased. exposed position.
In addition, net fees and commission income increased by 2.3% from BD 4.4 million to BD 4.5 million, and investment and other income increased approximately 12.1% from BD 3.3 million to BD 3.7 million, while net provisions for the quarter It decreased by 55.9%. BD 3.4 meters to BD 1.5 meters compared to the same period last year.
Meanwhile, the Bank’s share from associates and joint ventures for the quarter was a loss of BD 2.7 million compared to a profit of BD 0.4 million in the same period last year.
Total operating expenses increased 6.7% from BD 16.4 million to BD 17.5 million due to strategic initiatives, enhancements to current distribution channels and services, and investments in human capital.
9 month results
The Bank achieved net profit attributable to bank owners of BD 56.5 million compared to BD 44.5 million in the same period last year, an increase of 27.0%.
Earnings per share were 33 fils for the period, compared to 26 fils in the same period last year.
The increase in net income reflects a 45.1% increase in net interest income from BD 68.8 million to BD 99.8 million as a result of balance sheet optimization efforts and interest rate exposure positions.
Net fees and commission income decreased by 25.2% from BD 13.5 million to BD 10.1 million, and investment and other income decreased by 8.3% from BD 12.1 million to BD 11.1 million.
Additionally, net provisions increased from BD 5.0 million to BD 7.5 million for the nine months ended September 30, 2023, representing an increase of 50.0%.
Conversely, the Bank’s share of associated companies and joint ventures decreased to a share of losses of BD 5.8 million compared to an increase of BD 3.2 million in the same period last year.
Meanwhile, total operating expenses increased by 7.0% from BD 47.2 million in 2022 to BD 50.5 million in 2023.
Dr. Abdulrahman Saif, Group Chief Executive Officer of BBK, said: “Despite market uncertainty, our optimism remains widespread, supported by government policies and our unwavering commitment to balanced growth. “We are ensuring sustainable value creation for all stakeholders.”