Third quarter
The National Bank of Bahrain announced a 60% increase in net profit attributable to shareholders, reaching 18.2 million Bahraini dinars (48.3 million US dollars), for the third quarter ending September 30, 2023, compared to 11.4 million Bahraini dinars (30.2 million US dollars) in the period. Same from 2022. The increase in net profit is mainly due to higher income from loans, deposits and investment securities, as well as lower provisioning requirements in the third quarter of 2023 compared to the same period in 2022.
Earnings per share rose to 8 fils (2 US cents) for the third quarter of 2023, compared to 5 fils (1 US cent) for the same period of 2022.
The total comprehensive income attributable to shareholders of the National Bank of Bahrain during the third quarter of this year increased by 109%, reaching 20.5 million Bahraini dinars (54.4 million US dollars), compared to 9.8 million Bahraini dinars (26.0 million US dollars) in the same period in 2022. This increase is mainly due to movements in the market value of sovereign bonds.
From the beginning of the year to date
National Bank of Bahrain announced a 16% increase in net profit attributable to shareholders to 59.0 million Bahraini dinars (156.5 million US dollars), for the nine-month period ending 30 September 2023, compared to 50.8 million Bahraini dinars (134.7 million US dollars) in The same period in 2022. The increase in net profit is mainly due to higher income from loans, deposits and investment securities, as well as lower provisioning requirements compared to 2022.
Earnings per share rose to 26 fils (7 US cents) compared to 23 fils (6 US cents) for the same period in 2022.
The total comprehensive income attributable to shareholders of the National Bank of Bahrain increased by 28% to 63.3 million Bahraini dinars (167.9 million US dollars), compared to 49.3 million Bahraini dinars (130.8 million US dollars) for the same period in 2022. This increase is due to value movements The market value of sovereign bonds.
Balance sheet
The Group’s total shareholders’ equity at 30 September 2023 decreased by 2% to reach 554.3 million Bahraini dinars (1,470.3 million US dollars) compared to 565.9 million Bahraini dinars (1,501.1 million US dollars) as at 31 December 2022. The decrease in shareholders’ equity is due to the transfer of profits Cash of BD 74.0 million during 2023, which was compensated by profits for the nine months ending September 30, 2023.
The group’s total assets increased by 5% during this year to reach 5,003.6 million Bahraini dinars (13,272.1 million US dollars), compared to 4,785.3 million Bahraini dinars (12,693.1 million US dollars) as of December 31, 2022.
comment
On this occasion, Mr. Farouk Yousef Khalil Almoayyed, Chairman of the Board of Directors of the National Bank of Bahrain, said: “The National Bank of Bahrain maintained the excellence of its operations and recorded steady growth during the third quarter of this year, as we witnessed an increase in operating income and operating profits by 7% and 2% over the past year. consecutively for the nine months compared to the same period last year.Our non-financial focus on environmental, social, corporate governance (ESG) and social responsibility initiatives comes as a testament to our long-term strategy for sustainable banking services, and highlights our role in developing and nurturing future generations of sector professionals. “We are proud of the EVOLVE training program dedicated to students from various schools and universities across the Kingdom. The National Bank of Bahrain is moving forward in its journey to lead the financial sector while continuing to play an effective role in supporting Bahraini society.”
For his part, Mr. Othman Ahmed, Group CEO of the National Bank of Bahrain, said: “We are pleased to announce net profit attributable to shareholders of 59.0 million Bahraini dinars for the nine-month period and 18.2 million Bahraini dinars for the third quarter, which represents growth rates of 16% and 60%. % respectively compared to the same periods in 2022. NBB also demonstrated effective management of the balance sheet, which recorded a 5% growth in assets compared to the end of the year, with the closing value exceeding 5.0 billion Bahraini dinars as of September 30, 2023, a record rate for the group. The third quarter’s achievements also included National Bank of Bahrain receiving the 2023 Euromoney Excellence Award as “Best Bank for ESG Practices in Bahrain” for the second year in a row. We are proud of the achievements achieved so far in 2023, and look forward to moving forward. On the road to success over the coming year.”
The National Bank of Bahrain notes to shareholders that the audited annual financial statements and the press release are available on the Bahrain Bourse website.
National Bank of Bahrain shares are traded on the Bahrain Stock Exchange under the trading symbol: NBB.
2023-11-05 12:54:00
#National #Bank #Bahrain #announces #significant #increase #net #profit #attributable #shareholders #quarter #months #ended
