Bahrain - National Bank of Bahrain (NBB) has reported an increase of 24 per cent in its net profit attributable to equity shareholders to BD19.4 million for the first quarter of 2022, compared to BD15.6m in the same period of 2021.

The increase in net profit was predominantly attributable to higher interest income from loans and lower provisioning requirements in 2022, due to the significant precautionary buffers created in the previous years.

Basic and diluted earnings per share for the first quarter increased to 9 fils compared with 8 fils in the same period of 2021.

Total comprehensive income attributable to NBB equity shareholders for the quarter increased by 154pc to BD40.9 million compared with BD16.1m in 2021. The increase is predominantly attributable to the mark-to-market movements of the Bahrain sovereign bond and equity portfolios.

Operating income increased by 10pc in the first quarter to BD42.5m compared with BD38.7m in the prior year three month period. The increase was predominantly attributable to higher interest income from loans.

The group’s total equity attributable to owners increased by 1pc to BD531.3m compared with BD527.8m recorded as of end-2021.

The increase was due to the profits for the first quarter of 2022 and the mark-to-market movements of Bahrain sovereign bonds and equity portfolios, offset by a reduction in equity following the transfer of 20pc cash dividends.

Total assets increased during the first three months of 2022 by 2pc to BD4,642.3m compared to BD4,535.6m recorded on end-2021.

The increase was attributable to the higher level of liquidity held on the balance sheet. .

Commenting, NBB chairman Farouk Almoayyed said: “We are very pleased with our overall financial results for the first quarter of the year, which demonstrate positive growth following a year of many milestones. Our underlying operating profits have shown an increase of 6pc from the same period in 2021, and the group’s balance sheet remains strong and has demonstrated a growth since December 2021.”

Jean-Christophe Durand, chief executive of NBB, added, “NBB’s financial performance during the first quarter of the year has been robust, recording a 24pc increase in consolidated net profit to BD20.5m compared to a consolidated net profit of BD16.5m in the same period last year.

Our strong positioning in the market has enabled us to expand our product and services portfolio through various partnerships which has contributed to enhancing our overall performance.”

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