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YTD March 2015 Net Profit BD 17.02 million, up by 2.4 % over the previous year.
Total Earning Assets BD 2,666.74 million, up by 2.3 % over March 2014.
Customer Deposits BD 2,238.22 million, up by 6.6 % over March 2014.
The Bank recorded a Net Profit of BD 17.02 million (US$ 45.27 million) for the first quarter of 2015 compared to BD 16.62 million (US$ 44.20 million) for the corresponding period of the previous year, an increase of 2.4 %.
The financial results were approved at the Board meeting held on 20th April 2015 chaired by the Bank's Chairman Mr. Farouk Yousuf Khalil Almoayyed. Expressing his satisfaction on the results, Mr. Almoayyed stated that the Bank continues to achieve steady progress amidst a challenging business environment. He thanked the Bank's customers for their continued support and confidence in the Bank while appreciating the efforts of the Bank's executive management team and the employees for their dedication.
Commenting on the Bank's performance and future outlook, Mr. Abdul Razak Abdulla Hassan Al Qassim, Chief Executive Officer & Director said, "The 2015 first quarter results have been encouraging with a steady increase in the underlying business and revenue of the Bank. As the year progresses we will continue to focus on adding value to the customers by capitalizing on the Bank's strong domestic presence backed by a healthy capital and liquidity position."
The Net Interest Income for the three months period in 2015 was BD 14.17 million (US$ 37.69 million) compared to BD 15.57 million (US$ 41.41 million) for the corresponding period of the previous year. The decrease is mainly due to lack of quality lending opportunities and lower yield on surplus funds as a result of strong domestic liquidity. Other income for the three months period in 2015 was BD 12.09 million (US$ 32.15 million) compared to BD BD 9.51 million (US$ 25.29 million) for the corresponding period of the previous year, an increase of 27.1 %. The growth in Other Income was contributed by increase in normal business activities and higher income from the Bank's investments. Operating expenses continue to be closely managed which increased from BD 7.29 million (US$ 19.39 million) for the three months period in 2014 to BD 7.62 million (US$ 20.27 million) for the three months period in 2015. The Bank's continues to focus on efficiency management resulting in the Cost to Income Ratio improving from 29.07 % for the three months period in 2014 to 29.02 % for the three months period in 2015. The Bank took a loan loss provision of BD 1.62 million (US$ 4.31 million) during the current year based on an assessment of the loan portfolio and to further strengthen the overall financial position.
Steady progress has been achieved in the underlying business activities of the Bank with the Total Earning Assets (comprising of Treasury bills, Bank placements, Loans & Advances, Investment securities and Investment in Associates) increasing from BD 2,606.59 million (US$ 6,932.42 million) as at 31 Mar 2014 to BD 2,666.74 million (US$ 7,092.39 million) as at 31 Mar 2015. Customer Deposits as at 31 Mar 2015 stood at BD 2,238.22 million (US$ 5,952.71 million) compared to BD 2,099.01 million (US$ 5,582.47 million) as at 31 Mar 2014.
The Earnings per share for the three months of 2015 was 16.4 fils compared to 16.1 fils for the corresponding period of 2014.
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© Press Release 2015
