National Bank of Bahrain boasts profit

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The National Bank of Bahrain (NBB) yesterday announced a net profit of BD25.60 million ($68.1 million) for H1 2009, against BD25.57 million ($68 million) in the same period last year.

“I am pleased to see the continued progress made by the bank in a very challenging environment for the banking industry,” NBB chairman Abdulla Ali Kanoo said.

NBB’s net interest income rose from BD22.70 million ($60.37 million) for H1 2008 to BD25.14 million ($66.86 million) in the same period in 2009. Other income for 2009 was BD13.32 million ($35.35 million), compared to BD15.42 million ($40.92 million) last year.

While other income continues a growing a trend, income from syndications and mutual fund businesses fell on account of market activity slowdown. Operating expenses slightly increased from BD12.55 million ($33.38 million) for H1 2008 to BD12.69 million ($33.75 million) for H1 2009, owing to expanding business requirements.

As of June 30 2009, the bank’s investment securities portfolio stood at BD376.21 million against BD380.56 million last year.