Bahrain's NBB  recorded a net profit of BD17.76 million ($47.23 million) for the first quarter of 2016 compared to BD17.02 million ($45.27 million) for the same period of 2015, an increase of 4.3 per cent.

The financial results were approved at the board meeting held on April 18, chaired by the bank’s chairman Farouk Yousuf Khalil Almoayyed.  

Expressing his satisfaction on the results, Almoayyed thanked the bank’s customers for their continued support and confidence in the bank while appreciating the efforts of the bank’s executive management team and the employees for their dedication.

Abdul Razak Abdulla Hassan Al Qassim, chief executive officer and director said: “The bank has achieved healthy growth in profitability in the first quarter of 2016 backed by a steady increase in the underlying business. While the external environment remains very challenging, we will continue to focus on adding value to our customers by capitalizing on the Bank’s strong capital and liquidity position.”

The net interest income for the three months period in 2016 was BD15.78 million ($41.97 million) compared to BD14.17 million ($37.69 million) for the corresponding period of the previous year. The increase of 11.4 percent is on account of growth in business and better yield on surplus funds.

The bank recorded a 36.1 per cent growth in loans and advances to reach BD1,097.46 million during the same period. Customer deposits as at March 31 2016 stood at BD2,216.81 million ($5,895.77 million) compared to BD2,238.22 million ($5,952.71 million) as at March 31, 2015.

The earnings per share for the three months of 2016 was 15.5 fils compared to 14.9 fils for the corresponding period of 2015, the bank said. - TradeArabia News Service