Thursday 25 April 2019

Farouk Yousuf Khalil Almoayyed and Jean-Christophe Durand

NBB 9-month net profit surges 7pc to $131m

MANAMA, October 18, 2017

NBB, a leading bank in Bahrain, recorded a net profit of BD49.43 million ($131.46 million) for the first nine months of the year compared to BD46.21 million ($122.90 million) for the same period of 2016, an increase of seven per cent.

During the nine months ended September 30, the Bank achieved an operating profit of BD55.77 million ($148.32 million), an increase of 11.3 per cent over BD50.13 million ($133.32 million) achieved during the corresponding period of 2016. For the third quarter of 2017, the bank recorded a net profit of BD17.69 million ($47.05 million) compared to BD14.49 million ($38.54 million) for the third quarter of 2016, a strong increase of 22.1 per cent.

The financial results were approved at the Board meeting held on October 18 headed by the bank’s chairman Farouk Yousuf Khalil Almoayyed.

“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,” said Almoayyed.

“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.”

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,” he added. – TradeArabia News Service

Tags: Bahrain | NBB | Net Profit |

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