BBK reports Q1 profit | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

BBK reports Q1 profit | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

TDT | Manama     
The Daily Tribune – www.newsofbahrain.com
BBK announces its financial results for the first quarter ended 31 March 2024. The Bank reported a net profit attributable to the owners of the Bank of BD 20.3 million compared to BD 20.1 m during the same period of last year, representing a growth of 1.0%.
The basic and diluted earnings per share amounted to 11 fils, on par with last year. Total comprehensive income attributable to the owners of the Bank for the three months ended 31 March 2024 amounted to BD 27.3 m, compared to BD 7.4 m for the same period of last year, a growth of 269% reflecting the positive shift in investment securities market valuations.
BBK attributed the result to the better performance of associated companies and joint ventures, higher fees and investment income, as well as the lower net provision and lower operating expense.
The net interest income was marginally lower due to customers’ deposits growth.
The total shareholders’ equity attributable to the owners of the Bank as of end of March 2024 stood at BD 602.0 m (31 December 2023: BD 611.1 m), a reduction of 1.5%.
The reduction is due to the declaration of cash dividend during the first quarter of 2024.
The