BSB posted $2.9 million net profits for 2Q 2002
The Bahraini Saudi Bank (BSB) recorded net profit earnings of 1.1 million Bahraini dinars ($2.9 million) in the second quarter of 2002 compared to BD 1.3 million during the same period last year. The losses were attributed to a narrowing of margins, resulting in a 14.6 percent drop in net interest income compared to results from the second quarter of 2001.
The bank’s non-interest income rose by 4.2 percent, which slightly alleviated the impact of the fall in net interest income. The bank’s operating income registered a decline of 13 percent for the quarter.
Established in 1985, BSB was founded with a paid-up capital base of BD 20 million and is equally held between Bahraini and Saudi shareholders. Headquartered in Manama, the bank operates six branches across Bahrain. — (menareport.com)
© 2002 Mena Report (www.menareport.com)