National Bank of Bahrain (NBB) has achieved an 11 percent increase in net income for the nine months of 2002 rising to 16.11 million Bahraini dinars ($42.73 million), against a net income of BD14.51 million in the comparable period of 2001.
The recently published financial results for the nine months, which ended September 30, 2002, indicated that NBB’s net income before provisions also grew by 13.6 percent from BD14.51 million in 2001 to BD16.49 million in 2002.
NBB’s Managing Director Hassan Ali Juma attributed the growth in net income mainly to an increase in total income from BD24.62 million to BD27.01 million, resulting from higher other income which increased from BD6.81 million in nine months of 2001 to BD9.26 million in the nine months of 2002.
“The increase in other income is was attributable to good commission income from our our core businesses, a good treasury performance and revival of our our investment advisory and assets management activities,” he added.
Loans and advances as at September 30, 2002, stood at BD471.40 million as compared to BD446.06 million as at September-end 2001, an increase of 5.7 percent. The Ccustomers’ deposits stood at BD738.36 million738.36 million in 2002, higher by 8.3 percent as compared to BD681.50 million as at September 30, 2001.
The Bank’s results reflected an improved return for the shareholders, with an earnings per share of 40.3 fils for the nine months of 2002, as compared to 36.3 fils for the nine months of the previous year. The annualised return on average equity during nine months of 2002 reached to 14.7 percent.
“NBB is the first commercial bank in Bahrain to win “Bank of the Year 2002” award from The Banker magazine and Financial Times group. NBB also won Euromoney’s “Best Bank in Bahrain” award this year for the fourth successive year,” Juma commentedsaid. “Rating agency Moody’s has recently upgraded NBB’s foreign-currency deposit rating to Baa3 and financial strength rating to C-, the later being highest rating given to any local commercial bank in Bahrain.”
He added, “Capital Intelligence has reaffirmed the bank’s domestic-strength rating of “A” while Fitch has upgraded the Bank’s long-term rating to BBB, the highest among all local commercial banks in Bahrain”. — (menareport.com)
© 2002 Mena Report (www.menareport.com )