Bahrain - BBK has reported a net profit of BD21.1 million for the first quarter ended March 31, 2025 compared to BD20.3m during the same period of last year, representing a growth of 3.9 per cent.

The basic and diluted earnings per share amounted to 12 fils compared to 11 fils during the same period last year.

Total comprehensive income for the first three months of 2025 amounted to BD15.4m, compared to BD27.3m for the same period of last year, a decline of 43.6pc due to unfavourable mark-to-market valuations of the investment securities.

Total operating income (including share of results from associated companies and joint ventures) for the quarter showed a growth of 2pc from BD40.2m achieved during the first quarter last year to BD41m for the same period achieved this year.

The growth was driven by 9.3pc higher net fees and commission income of BD4.7m compared to BD4.3m in the same period last year.

In addition, investment and other income stood at BD7.2m compared to BD4.7m last year, recording a growth of 53.2pc, while net provisions in the quarter decreased by 13.5pc from BD3.7m to BD3.2m compared to the same period of last year.

Furthermore, the bank’s share from associated companies and joint ventures during the quarter amounted to a profit of BD0.4m compared to a loss of BD1m during the same period of last year.

This was offset by a 10.9pc decrease in net interest income, resulting from lower international interest rates, from BD32.2m to BD28.7m compared to the same period of last year.

The bank’s continuous investment in its strategic initiatives and human capital led the total operating expenses to be reported as BD16.6m compared to BD16m during the corresponding period of last year, representing an increase of 3.8pc.

Total shareholders’ equity as of end-March 2025 stood at BD593.1m (end-2024: BD620.8m), a reduction of 4.5pc, mainly due to the declaration of cash dividend during the first quarter of 2025.

The total assets as of end-March 2025 reached BD4,485.4m compared to BD4,192.6m as of end-2024, registering a growth of 7pc.

The growth was mainly attributable to investment securities and the loan portfolio, cash and balances with central banks and due from banks and financial institutions.

The board of directors commented on the bank’s results.

They said: “As we concluded our successful three-year strategic cycle, BBK has achieved significant milestones that have positioned the Bank for sustained growth and innovation. The robust financial results reflects the dedication and commitment of our team in delivering value to our stakeholders.”

Also commenting on the results, BBK Group chief executive Yaser Alsharifi said: “Despite the challenging market conditions, BBK has achieved a sound financial performance for the first quarter of 2025, which underscores our resilience and strategic focus in a dynamic market. As we embark on our new strategic cycle for 2025-2027, we are excited to unveil our new initiatives which will focus on market expansion, digital transformation, customer-centricity and innovation. We thank our shareholders, partners, employees and valued customers for their loyalty, dedication and unwavering support.

He added: “In line with our steadfast commitment to corporate social responsibility, BBK has sponsored the ‘Global Women Economic forum and Exhibition’. This aligns with the bank’s efforts to support, encourage and promote initiatives aimed at empowering women and raising awareness of their pivotal role in the economic and social development.

“BBK remains dedicated to provide tailored solutions that meet the evolving needs of our customers through collaborations with real estate and housing sectors, including strategic partnership agreements with vehicle distributors. The latest initiative in this regard is the platinum sponsorship of the Innovation Forum and Exhibition for Social Housing organised by the Housing and Urban Planning Ministry. Looking ahead, we remain committed to drive sustainable growth and deliver value to our shareholders while navigating the challenges and opportunities ahead.”

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