Bahrain Development Bank (BDB), the winner of the Best SME Bank in Bahrain award from International Finance magazine, announced its financial results for the fiscal year ended December 31, 2023.

The bank continued its efforts in supporting small and medium enterprises and entrepreneurs by providing financing facilities totalling BD22 million, marking a six per cent increase in the number of loans compared to the previous fiscal year. These facilities are expected to create 471 new job opportunities.

As part of the financial facilities provided by the bank, and in support of food security programmes and sustainability in the kingdom, the bank provided financing facilities exceeding BD1m to local farmers and fishermen, representing a 60pc increase compared to the preceding fiscal year. These facilities aim to develop and expand the businesses of fishermen and farmers.

The bank maintained its financial performance improvement, with net profits for the fiscal year ended December 31, 2023, reaching BD537,000 compared to BD502,000 for the same period of the previous fiscal year, representing a 7pc increase.

Additionally, the bank succeeded in its conservative policy for credit loss provisions, reducing them by 79pc to BD136,000 as of December 31, 2023, compared to BD647,000 recorded in the previous fiscal year.

Dalal Al Qais, chief executive of Bahrain Development Bank Group, commented: “We are pleased with our financial performance for the year 2023, which contributed to enhancing the bank’s leading position in financing small and medium enterprises. We look forward to continuing the implementation of the bank’s strategic objectives during the coming year, as we continue to grow and evolve, committed to providing the best financial services and solutions to our clients.”

She added, “In the past year, we launched the customer-centric policy, focusing on making the customer the primary and central focus in all our services. Through this policy, the bank will witness further excellence in the coming days, and we are confident in its effectiveness and the effectiveness of the plan set for the new fiscal year.”

Ms Al Qais concluded her remarks by expressing gratitude to the government, the Central Bank of Bahrain, clients, and all partners in success for their continuous support.

She also thanked the chairman and the board of directors for their guidance, and the executive management and staff for their dedication to work.

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