Bahrain Development Bank (BDB), the winner of International Finance magazine’s ‘Best Small and Medium-Sized Enterprise (SME) Bank’ award, has announced its financial results for the third quarter of 2024, showcasing remarkable growth and exceptional progress.

The bank’s income from Islamic financing and interest saw a notable surge of 27 per cent this year, reaching BD7.526 million from BD5.930m reported for the same period in 2023.

Net profit amounted to BD1.024m, up from BD929,000 in the equivalent timeframe last year, marking a 10pc increase.

Continuing its strong financial performance, BDB achieved an 8pc gain in total operating income, recording BD7.131m for the nine months ending September 30, 2024, compared to BD6.573m for the same period in 2023.

Commenting on the results, BDB group chief executive Dalal Al Qais stated, “We take great pride in our financial performance, having made tremendous gains across key areas. In the third quarter of this year, we attained a substantial rise of up to 27pc in both Islamic financing and interest income, which surpassed our expectations. We remain diligently focused on strengthening our position as a leading bank that provides tailored financing solutions for entrepreneurs and supports the growth of the SME ecosystem. We are committed to expanding our product portfolio and increasing investment opportunities, while striving to continue delivering such impressive outcomes.

“We are deeply grateful to the bank’s board of directors for their astute guidance and leadership, and thank our employees for their dedication, which is a core pillar of our success and the driving force behind our institutional prosperity.”

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