National Bank of Bahrain net profit up 26% in FY 2022

PHOTO

Bahrain - 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.