Immediate Release
BBK discloses its financial
results for the first quarter ended 31st March
2024
BBK (trading code BBK) announces its
financial results for the first quarter ended 31 March 2024. The
Bank reported a net profit attributable to the owners of the Bank
of BD 20.3 million compared to BD 20.1 million during the same
period of last year, representing a growth of 1.0%. The basic and
diluted earnings per share amounted to 11 fils, on par with last
year.
Total comprehensive income
attributable to the owners of the Bank for the three months ended
31 March 2024 amounted to BD 27.3 million, compared to BD 7.4
million for the same period of last year, a growth of 269%
reflecting the positive shift in investment securities market
valuations.
The good result is attributable to
the better performance of associated companies and joint ventures,
higher fees and investment income, as well as the lower net
provision and lower operating expense. The net interest income was
marginally lower due to customers' deposits growth.
The total shareholders' equity
attributable to the owners of the Bank as of end of March 2024
stood at BD 602.0 million (31 December 2023: BD 611.1 million), a
reduction of 1.5%. The reduction is due to the declaration of cash
dividend during the first quarter of 2024.
The total assets as of the end of
March 2024 reached BD 4,110.2 million compared to BD 3,901.9
million as of 31 December 2023, registering a growth of 5.3%. The
growth was mainly in cash and balances with central banks,
investment securities, and the loan portfolio, which was funded by
the growth in customer deposits.
The Board of Directors commented on
the Bank's results, stating "As we enter the final year of the
current strategic cycle, BBK maintains its commitment to our
strategy which hinges on innovation, expansion, and
customer-centric service delivery. Our robust financial performance
reflects BBK's resilient business model and proactive strategies,
supported by a dedicated team. Despite the challenging operating
environment and evolving market dynamics, BBK continues to deliver
innovative services, and contribute to the development of the
societies in which we operate. We thank our shareholders for their
support, our valued customers for their loyalty, and employees for
their dedication. We look forward to further rewarding our
stakeholders and communities by providing attractive returns to our
shareholders."
Also commenting on the results, Dr.
AbdulRahman Saif, BBK's Group CE said "As we reflect on the
remarkable achievements of the first quarter of 2024, BBK continues
to stride forward with resilience and innovation. Our commitment to
delivering exceptional value to our customers and our dedication to
providing tailored solutions that meet their evolving needs remain
unwavering. We strive to contribute to the growth and development
of the communities with all-inclusive Environmental, Social, and Governance (ESG) initiatives
aimed towards bettering our eco-system and improving community
outreach. With our focus on digital transformation, sustainability,
and inclusive growth, we are poised to navigate challenges and
seize opportunities, driving sustainable value for our
stakeholders".
The full set financial statements and
the press release are available on Bahrain Bourse's
website.