Bahrain\'s National Bank Records Net Profit Increase
The National Bank of Bahrain (NBB) has maintained profit growth with net income rising from BD16.31 million in 1999 to BD16.77m (BD1=$2.65) in 2000, reported the Gulf Daily Thursday.
The better performance that was resulted from higher revenues from the core commercial banking businesses, reflected in continued growth in retail and corporate loans and deposits, the bank said.
However, the higher income from the core business was partly offset by lower profits from trading and investment activities owing to the high volatility in international financial markets and reduced level of treasury activity within the bank.
Operating expenses remained tightly controlled, rising marginally by BD370,000, or 3percent, over the previous year to BD12.7m, said the statement.
As a result, net income before provisions was BD17.08m for last year, against BD18.55m the previous year.
At the year-end, the banks total assets stood at BD1.03 billion, an increase of 5percent as compared with BD988.16m at the year-end of 1999, the statement added.
The growth in total assets resulted from an expansion of the loans and advance portfolio in Bahrain and the Gulf region and an increase in the investment securities portfolio in international markets, the statement said.
The NBB is the country’s premier financial institution and the first Bahraini bank.
Established in 1957, NBB is owned by Bahraini national (51%) and the Bahraini government.
NBB introduces itself as the leading provider of commercial and retail banking services in the Gulf country through a nationwide network of 25 branches and 35 automatic teller machines (ATMs) -- Albawaba.com