Tuesday 18 May 2021

NBB net profit surges 4.8pc in 2017

MANAMA, January 30, 2018

National Bank of Bahrain (NBB), a leading bank in the kingdom, has reported strong growth for the financial year 2017 with a net profit of BD61.01 million ($162.25 million) up 4.8 per cent, compared to BD58.24 million ($154.88 million) the year before.

Announcing the results for the financial year ended December 31, 2017, NBB said it had recorded a net profit of BD11.58 million ($30.80 million) for the fourth quarter compared to BD12.03 million ($31.99 million) for the corresponding period in 2016.

Earnings Per Share (EPS) for the year also improved to 48.4 fils for 2017 from 46.3 fils in 2016, it stated.

These results, which were reviewed and approved by the Bank’s Board of Directors on January 29, saw the board recommend a 2017 dividend of 35 per cent (25 per cent cash dividend and 10 per cent stock dividend).

On the solid performance, Chairman Farouk Yousuf Khalil Almoayyed, said: "We are pleased with the strong financial results and record net profit reported by NBB for 2017. Despite challenging economic conditions, the bank continued to grow and deliver improved returns for shareholders."

"Strengthened performance and returns were supported by a new strategy, adopted during 2017, which focuses on diversification, both in existing business lines and through the addition of new revenue streams, and wide reaching operational enhancements including digital innovation across the bank," he added.-TradeArabia News Service

Tags: National Bank of Bahrain | profit |

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