Breaking News
- CREDIT SUISSE AT1s: Pallas Partners forming Investor Group
- Japanese Cuisine and Food Culture Human Resource Development Program: A training course was held inviting non-Japanese chefs
- Hevolution Foundation Announces Formation of Scientific Advisory Panel of Renowned Experts in Healthspan Science and Geroscience
- NTT Commences Sales of the Network OS Beluganos
- United in Purpose: CSG Launches Inaugural Impact Report
- Two Foreign Chefs Attained Gold Certification at Yanagihara Cooking School of Traditional Japanese Cuisine under the “Certification of Cooking Skills for Japanese Cuisine in Foreign Countries” Program
- Nothing Launches Ear (2) – The Ultimate Hi-Res Audio Certified True Wireless Earbuds
- ASM Global Unveils Ambitious Plan Transforming Its Global Venue Portfolio Into World’s Most Sustainable Collection
- Africell Angola Races Towards 10 Million Subscribers Using Csmart Digital BSS Platform
- City Centre Bahrain invites the local community to #Bealight to 5,000 Orphansthis Ramadan
National Bank of Bahrain net profit up 26pc in FY 2022

National Bank of Bahrain (NBB) has registered a 26% increase in its net profit attributable to shareholders for FY 2022 which rose to BD68.1 million ($180.6 million) from BD53.9 million ($143 million) the previous year.
Announcing the results for the year ended December 31, 2022, NBB said this translates into a 29% growth in annual consolidated net profit for the group.
The increase in net profit is mainly due to strong business fundamentals reflected through higher net interest income attributable to a larger volume of loans and investment securities, at increasing rates.
Treasury and capital markets activities and lower provision requirements compared to the prior year also significantly contributed to the increase in profitability it stated.
Earnings per share for the year increased to 33 fils (USD 9 cents) compared with 26 fils (USD 7 cents) in 2021, it added.
According to NBB, the total comprehensive income attributable to its shareholders last year increased by 73% to BD78.1 million ($207.2 million) compared with BD45.1 million ($119.6 million) in 2021.
The increase is predominantly attributable to the mark-to-market movements of the investment securities and to higher profitability reported in 2022 compared to 2021, it stated.
On its Q4 results, NBB said its net profit attributable to shareholders for the three-month period ended December 31, 2022, has surged 114% to hit BD17.3 million ($45.9 million) when compared to BD8.1 million ($21.5 million) the year before.
The growth in net profit was mainly due to higher income from a larger portfolio of loans and securities.
The top Bahraini bank's comprehensive income attributable to shareholders for the quarter increased by 220% to BD28.8 million ($76.4 million) from BD9 million ($23.9 million) in Q4 2021, thanks to the increased market rates as well as lower provision requirements in Q4, which too had positive impacts.
Earnings per share doubled to 8 fils (USD 2 cents) for the fourth quarter of 2022 compared with 4 fils (USD 1 cent) in the same quarter of 2021, it added.
Following the group’s strong performance, a 37% increased cash dividend proposal for 2022 will be submitted to the shareholders at the annual general meeting. The appropriations will include the largest cash dividend to date at BD51.5 million which represents a 25% per share dividend, signalling an end to the lower dividends seen throughout the pandemic.
In addition, the board has also proposed a 1 for 10 bonus issue. The appropriations are subject to the approvals of the regulatory authorities and the shareholders at the Annual General Meeting.
On the solid performance, Chairman Farouk Yousuf Khalil Almoayyed said: 'We are proud of the overall growth NBB has demonstrated over the year, recording a 15% growth in its operating income in 2022 compared to 2021. We are also exceptionally pleased with the notable non-financial milestones we achieved in the last quarter of 2022.'
'As the bank progresses in its sustainability roadmap, we have proudly ranked first in our ESG performance across all sectors in the entire Arab World as per Refinitiv ESG Scoring, emphasising our sincere commitment to embedding ESG practices in our business operations,' noted Almoayyed.
'In the year ahead, NBB will continue to invest in enriching the lives of generations by capitalising on growth, development and investment opportunities within the industry and the wider community,' he added.
NBB said its total equity attributable to owners increased by 7% as of December 31, 2022 to hit BD565.9 million ($1.5 billion) compared to BD527.8 million ($1.4 billion) the year before.
The group’s total assets increased by 6% during the year to BD4.78 billion ($12.7 billion) compared to BD4.53 billion ($12.1 billion) recorded on December 31, 2021.
The increase was predominantly related to the growth in liquidity reserves as well as loan growth across both the retail and non-retail portfolios.
Group CEO Usman Ahmed said: 'We are pleased to announce a 114% growth in attributable net profit during the quarter ended December 31, 2022 compared to the same period in 2021. This was accomplished alongside a 5% growth across the group’s loan portfolios during the year, as well as a 4% growth in customer deposits.'
'The metrics demonstrate the continued attraction of NBB’s offerings in this competitive market in both the retail and corporate segments,' added Ahmed.
tradearabia