BCFC registers net profit of BD 3.7 million in 2022
- Date: 01-Mar-2023
- Source: Bizbahrain
- Sector:Financial Markets
- Country:Bahrain
BCFC registers net profit of BD 3.7 million in 2022
Bahrain Commercial Facilities Company BSC (trading code: BCFC) achieved a net profit of BD 36 thousand in the
fourth quarter of 2022, , below the profit registered same period last year by 99% (2021: BD 3.0 million) and registered
an earnings per share of 0.18 Fils (2021: 15 Fils). During the fourth quarter, the Group registered a total comprehensive
income of BD 125 thousand, below the total comprehensive income achieved same period last year by 97% (2021: BD
4.0 million). The Group performance was impacted by the higher impairment and lower net interest income due to a
net reduction in the loan portfolio. Despite the reduction in the loan portfolio, the Group continued to provide ample
impairment allowances to safeguard the its loan portfolio against potential challenges its customers may face post the
lifting of the CBB loan installment deferral program. For the fourth quarter, the Group booked net impairment
allowances of BD 3.2 million (2021: BD 2.0 million) and achieved a net interest income of BD 3.5 million (2021: BD
5.1 million). The Group achieved an operating income of BD 5.5 million, 21% lower than the operating income of BD
7.0 million achieved during the previous year. The Board has recommended a cash dividend of 20 fils per share