ALBAWABA - The National Bank of Bahrain B.S.C. (NBB) said it recorded a 114 percent increase in its net profit in the fourth quarter of last year.
The bank said its net profit grew to Bahraini Dinar (BHD) 17.3 million ($45.9 million) for the fourth quarter ending on Dec. 31, 2022, compared with BHD 8.1 million ($21.5 million) in the corresponding period of 2021.
NBB said in a statement that the rise net profit is mainly due to "higher income from a
larger portfolio of loans and securities."
"The increased market rates and lower provision requirements in the fourth quarter also had positive impacts," it added.
As for the full year ending on Dec. 31, 2022, NBB has reported an increase of 26 percent in its net profit, which it attributed to shareholders to BHD 68.1 million ($180.6 million), compared with BHD 53.9 million ($143.0 million) in 2021.
The National Bank of Bahrain (NBB) said its annual net profit for 2022 soared 26% year-on-year to $180.6 million, driven by a surge in net interest income. #Forbes https://t.co/vhMP0UMKvY pic.twitter.com/wEkyGK27CT
— Forbes Middle East (@Forbes_MENA_) February 28, 2023
"This translates into a 29 percent growth in annual consolidated net profit for the Group," the statement said. It noted that the increase in net profit was mainly due
to "strong business fundamentals reflected through higher net interest income
attributable to a larger volume of loans and investment securities, at increasing rates."
"Treasury and capital markets activities and lower provision requirements compared
to the prior year also significantly contributed to the increase in profitability," the bank explained.
