National Bank of Bahrain (NBB) has announced its financial results for the first half, which ended June 30, 2002. The Bank maintained good earnings growth with net income for the first half of 2002 rising to 11.54 million Bahraini dinars ($30.6 million), an increase of 9.7 percent against first half 2001 net income of BD10.52 million.
Net income before provisions also grew by 13.3 percent from BD10.52 million in the first half of 2001 to BD11.92 million in the first half of 2002. The growth in net income was mainly attributable to an increase in total income from BD17.4 million to BD18.81 million, resulting from higher other income, which increased from BD5.35 million in the first half of 2001 to BD6.82 million in the first half of 2002.
The increase in other income was attributable to good commission income from NBB’s core businesses, a good treasury performance and revival of investment advisory and assets management activities, according to a bank press release.
During the first half of 2002, NBB launched and marketed two series of Capital Protected Notes with features of capital protection, minimum guaranteed returns and participation in the growth of multiple stock indices, bond indices and USD LIBOR. Both issues of Capital Protected Notes were oversubscribed by NBB customers.
Loans and advances as at June-end 2002 stood at BD459.25 million as compared to BD433.62 million as at June 30, 2001, an increase of 5.9 percent. Customers' deposits as at June-end 2002 stood at BD723.64 million, higher by 5.4 percent as compared to BD686.75 million as at June 30, 2001.
The Bank's results reflected an improved return for the shareholders, with an earnings per share of 28.9 fils for the first half of 2002, as compared to 26.3 fils for the first half of the previous year. The annualized return on average equity during first half 2002 reached 15.9 percent. — (menareport.com)
© 2002 Mena Report (www.menareport.com )