Bahrain’s BBK Group reports 5.6% jump in net profit of $40mln

Bahrain’s BBK Group reports 5.6% jump in net profit of $40mln

Total comprehensive income for the three months ended March 31, 2022 amounted to BD28.7m, an increase of 55.1pc compared to the BD18.5m achieved during the same period of last year.

Total revenues (including share of income from associated companies and joint ventures) for the quarter has increased by 11.7pc from BD28.2m achieved during last year to BD31.5m achieved this year.

This increase was driven by an increase in the bank’s share of profit from associated companies and joint ventures to BD2.3m, compared to a share of loss of BD1.4m during last year, and increase in fees and commission income by 19.4pc from BD3.6m achieved during the first quarter of 2021 to BD4.3m during the current year.

On the other hand, investment and other income was lower by 9.8pc to BD4.6m (BD5.1m during the same period of last year), and net interest income was slightly lower by 2.9pc at BD20.3m (BD20.9m during the same period of last year).

Furthermore, the bank’s continuous investment in its strategic initiatives and human capital led to an increase in total operating costs to BD15.4m compared to BD14m during the same period of last year, an increase of 10pc.

In addition, net provision charges for the first quarter of the current