NBB achieves BD 49.43 million net profit

18/10/2017 22:00 AST

The National Bank of Bahrain (NBB) announced that it has recorded a net profit of BD 49.43 million ($ 131.46 million) for the nine months ended 30 September 2017 compared to BD 46.21 million ($ 122.90 million) for the corresponding period of the previous year, an increase of 7.0 percent.

During the nine months ended 30 September 2017, the bank achieved an operating profit of BD 55.77 million ($ 148.32 million), an increase of 11.3 percent over BD 50.13 million ($ 133.32 million) achieved during the corresponding period of 2016. For the third quarter of 2017, the Bank recorded a Net Profit of BD 17.69 million ($ 47.05 million) compared to BD 14.49 million ($ 38.54 million) for the third quarter of 2016, a strong increase of 22.1 percent.

The financial results were approved at the board meeting held on 18 October 2017 headed by the Bank's Chairman Farouk Y.K. Almoayyed. He said, "We're extremely pleased with the strong results and growth in profitability that the Bank has delivered for the third quarter and first nine months of 2017. Our continued progress serves to underscore the strength of our strategy, our leadership in the market and the enduring confidence of our valued customers in NBB for which we are grateful. I would also like to take this opportunity to thank the executive management team and our employees for their dedicated service to the Bank and to serving the needs of our customers, the economy and our shareholders."

Commenting on the bank's performance, Jean-Christophe Durand, Chief Executive Officer, said: "The third quarter of 2017 saw strong improvements in profitability. This can be attributed to a number of key factors. This includes increased interest margins and, importantly, growth in the underlying business building on our strengths and pursuing effective diversification. Across our existing activities, we are growing market leadership by expanding our product and service offering including the launch of the latest technologies and platforms both internally and for our customers. We are also creating important new lines of business that leverage our robust financial position, relationships and reach in Bahrain's economy and across the GCC. While doing so, all of our efforts remain focused on implementing a business model that is now fully geared towards customer centricity - a strategy that benefits all of stakeholders and the bottom line as reflected by our results year-to-date. We look forward to building on this progress and delivering even stronger performance in the forthcoming periods."

BNA