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NBB reports 34% jump in Q2 net profit

August 3, 2022
banking

Manama, Aug. 2 (BNA): The National Bank of Bahrain (NBB) has reported a 34% increase in its net profit attributable to equity shareholders to BD20 million ($53.1 million) for the second quarter ended June 30, 2022, compared to BD14.9 million in the same period of 2021.

In a statement, NBB said that the increase in net profit is mainly due to strong business fundamentals reflected through higher net interest income attributable to higher loan volumes across all the group’s key segments and higher other income from the treasury and capital markets activities.

The 2022 results have also benefitted from lower provisioning requirements than in the previous period.

Basic and diluted earnings per share increased to 10 fils for the second quarter of 2022 compared with 7 fils in the same period of 2021.

Total comprehensive income attributable to NBB’s equity shareholders for the quarter decreased to a loss of BD1.4 million compared with a gain of BD11 million in the same period of 2021. The decrease is predominantly attributable to the temporary mark-to-market movements of the Bahrain Sovereign bond portfolio and the equity investment book, the bank said.

Operating income increased by 18% in the second quarter of 2022 to BD44.2 million compared with BD37.6 million in the prior year period. The increase is largely due to higher net interest income resulting from higher loan volumes, and higher income from the Treasury and capital markets activities.

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