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National Bank of Bahrain net profit rises 17 per cent
Real estate news By Angela Giuffrida
09/10/2007
National Bank of Bahrain has maintained good earnings growth with net income for nine months of 2007 rising to BD 33.63 million ($89.44 million), an increase of 17.1 per cent compared to the net income of BD 28.71 million ($76.36 million) for the first nine months of 2006.
The bank's results reflected in improved returns for shareholders, with earnings per share of 51.9 fils for the first nine months of 2007, compared to 44.3 fils for the first nine months of the previous year. The annualised return on average equity during the first 9 months of 2007 is 19.66 per cent. Bank chairman Abdulla Ali Kanoo said: "The robust financial performance of the bank in the midst of turmoil in financial markets demonstrates our ability to deliver sustained earnings growth under challenging circumstances and a competitive environment".
Hassan A. Juma, managing director and chief executive, said: "The bank's business policies and long-term strategies have helped to deliver consistent solid growth and the financial results are a reflection of the merit of the bank's long-term vision and far-sighted approach to banking based on adherence to reasonable and prudent risk management policies and safeguarding the interests of all stakeholders." The bank's loans portfolio, customer deposits book and total assets have grown, contributing to the increased net interest income of BD 31.05 million ($82.58 million) for the 9 months period in 2007 compared to BD28.29 million ($75.24 million) for 9 months in 2006. There was a marginal increase in operating expenses from BD 14.68 million for the 9 months period in 2006 to BD 15.85 million for 9 months in 2007 on account of increase in staff expenses due to annual salary increments, general salary adjustments and additions to the bank's human resources to meet expanding business needs.
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