NBB Reports A 4% Growth In Net Profit Attributable To The Shareholders For The Year Ended 31 December 2024

National Bank of Bahrain B.S.C. (NBB) has reported a 19% reduction in net profit attributable to shareholders reaching BHD 16.2 million (USD 43.0 million) for the fourth quarter ended 31 December 2024, compared to BHD 20.1 million (USD 53.3 million) in the same period of 2023. The decrease was partially influenced by timing differences as some transactions that contributed to overall performance materialised in previous quarters affecting the year-over-year quarterly comparison. The Group continued to maintain a strong balance sheet in the fourth quarter with total assets continuously exceeding BHD 5.5 billion (USD 14.6 billion).  

Earnings per share decreased to 7 fils (USD 2 cents) for the fourth quarter of 2024 
compared with 9 fils (USD 2 cents) in the same quarter of 2023.

Total comprehensive income attributable to NBB’s shareholders for the quarter increased by 70% to BHD 19.6 million (USD 52.0 million) compared to BHD 11.5 million (USD 30.5 million) in 2023. The increase is mainly attributable to the mark-to-market movements of the bond and equity portfolios.

Year-to-date

NBB has reported a 4% growth in its net profit attributable to the shareholders for the year ended 31 December 2024, recording BHD 81.9 million (USD 217.3 million) compared to BHD 79.1 million (USD 209.8 million) in 2023. The increase in net profit is mainly due to higher net interest income driven by a 19% customer loan growth and higher gains from investment securities and treasury activities.

Earnings per share increased to 36 fils (USD 10 cents) for the year compared with 35 fils (USD 9 cents) in 2023.

Total comprehensive income attributable to NBB’s shareholders for the year increased by 22% to BHD 91.0 million (USD 241.4 million) compared with 74.8 million (USD 198.4 million) in 2023. The increase is mainly attributable to the positive mark-to-market movements of the bond and equity portfolios.

Balance sheet

The Group’s total equity attributable to shareholders of 31 December 2024 is at BHD 583.8 million (USD 1,548.6 million) compared to BHD 565.0 million (USD 1,498.7 million) reported as of 31 December 2023.

The Group’s total assets increased by 3% during the year to BHD 5,522.2 million (USD 14,647.8 million) compared to BHD 5,372.5 million (USD 14,250.7 million) recorded on 31 December 2023. The increase was mainly due to loans and advances registering a growth of 19% from 31 December 2023.

Dividends

Following the Group’s strong performance, the Board of Directors proposed a cash dividend of BHD 79.2 million or 35% per share equivalent to 35 fils, inclusive of 10% interim dividends announced during August 2024.

The appropriations are subject to the approvals of the regulatory authorities and the shareholders at the Annual General Meeting.

Commentary

On the occasion, Mrs. Hala Yateem, Chairperson of NBB said, “2024 marked a record year for NBB Group as we closed with an attributable profit of BHD 81.9 million, representing a 4% increase from 2023. Our 14.3% return on average equity reflects our commitment to deliver consistent value to our shareholders. We remain focused on strengthening our market position and advancing initiatives that support Bahrain and the wider region’s long-term economic growth. We look forward to building on our strengths, adapting to evolving market needs, and creating new opportunities for sustainable progress.”

Usman Ahmed, Group Chief Executive Officer of NBB commented, "Our continued growth trajectory in 2024 reflects the trust of our customers across Bahrain, UAE and the Kingdom of Saudi Arabia. Our operating profit of BHD 90.5 million was driven by an increase of 19% and 7%, respectively in loans and customer deposits. During the year, we continued to invest and innovate, introducing digital solutions, such as the digital Yalla family account and the NBB Go mobile point-of-sale product.  Our strategy for the future remains centered around serving the evolving needs of our customers while advancing our sustainability agenda and delivering long term value for our shareholders.”

We would like to inform our shareholders that the audited consolidated financial statements and the press release are available on the Bahrain Bourse website.

National Bank of Bahrain B.S.C. shares are traded on Bahrain Bourse under the trading code: NBB.