BBK has expressed optimism for the global growth outlook in 2024, highlighting factors like early action on interest rates, commodity price adjustments and the resolution of geopolitical issues.

Speaking on the sidelines of a ceremony at the Gulf Hotel Bahrain Convention and Spa yesterday, where the bank rewarded employees for excellence and long years of service, Dr AbdulRahman Saif, the group chief executive of BBK, one of Bahrain’s biggest banks, said they are actively managing their liquidity and balance sheet position in response to these anticipated changes.

However, the bank also acknowledged the influence of central bank actions in the US and Europe on inflation and monetary policy.

Looking ahead, Dr Saif outlined its plans for the final phase of its current strategic cycle.

These plans include a focus on: Micro-financing; Fostering a digital culture; Operational excellence and Training and development programmes.

“The bank remains committed to meeting its key performance indicators (KPIs) across financials, digital transformation, operational excellence and ESG by the end of 2024,” he added.

BBK also expressed continued interest in mergers and acquisitions, aiming to make significant strides in this area before the conclusion of its current strategic cycle.

On the potential merger of BBK and National Bank of Bahrain (NBB), Dr Saif said the bank has held meetings with selected firms towards appointing a financial adviser to evaluate the deal and has yet to take a decision.

This was disclosed by BBK in a filing to Bahrain Bourse earlier this month.

Reviewing last year’s performance, the official noted the 15.7 per cent increase in net profit compared with the previous year.

This achievement follows strategic restructuring efforts that optimised the bank’s balance sheet for growth, Dr Saif explained.

He highlighted its accomplishments throughout 2023, including: Introducing new services, upgrading infrastructure, taking steps to improve liquidity, continuing digital transformation, forging key agreements and advancing its commitment to environmental, social, and governance (ESG) practices.

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