NBB posts eight percent net income rise in 2001
The National Bank of Bahrain (NBB) recorded 18.16 million Bahraini dinars ($48.16 million) net income in 2001, rising 8.2 percent from BD16.77 million in 2000, as well as an increase in operating expenses from BD12.70 million in 2000 to BD13.78 million in 2001, according to a company press release.
NBB Managing Director Hassan Ali Juma said: “The successful implementation of our strategic plans, the growth in our core business and excellent performance by treasury in foreign exchange, money markets and international capital markets, has enabled the bank to maintain its growth momentum in 2001.”
The Bank was successful in raising the level of return for the shareholders, as reflected in an increase in the earnings per share to 45 fils per share, as compared with 42 fils per share in the previous year.
At year-end 2001, NBB’s total assets stood at BD1.078 billion, an increase of four percent as compared with BD1.035 billion at year-end 2000. The growth in total assets resulted from an expansion of the loans and advances portfolio in Bahrain and the Gulf region and an increase in the treasury bills portfolio. Customers' deposits registered an increase of five percent to BD702.96 million at the end of 2001, mainly on account of higher retail and corporate deposits.
Commenting on the NBB's performance and future outlook, Juma said: “Our strategy continued to focus on expanding our retail banking business in Bahrain and enhancing our corporate banking activities within Bahrain and the Gulf region.”
NBB is Bahrain’s first bank, established in 1957. A provider of commercial and retail banking services in Bahrain, NBB operates a nation-wide network of 25 branches, 38 ATMs and over 2,000 point of sale terminals makes. Rating agency, Fitch, recently upgraded NBB's long-term rating to ‘BBB' from ‘BBB-‘ (minus) in tandem with an upward revision to Bahrain's country rating. During 2001, Moody's rating agency upgraded NBB's Financial Strength Rating (FSR) to C- (C minus) from D+ while Capital Intelligence maintained the Bank's Domestic Strength rating at ‘A'. — (menareport.com)
© 2002 Mena Report (www.menareport.com)