NBB reports net profit of BHD 29.1 Million for the first half of 2020

SectorFinancial Markets

National Bank of Bahrain B.S.C. (NBB) has reported a 27.3% decrease in its net profit attributable to equity shareholders to BHD 29.1 million (USD 77.2 million) for the first half ended 30 June 2020, compared to BHD 40.0 million (USD 106.1 million) in 2019. The decrease in net profit was predominantly attributable to the worldwide COVID-19 pandemic resulting in higher precautionary provisioning requirements, lower margins, lower income from associate equity valuations and lower dividends following reduced distributions due to the ongoing epidemic. Basic and diluted earnings per share during the year decreased by 29.2% to 17 fils (USD 5 cents) compared with 24 fils (USD 6 cents) in 2019. Operating income rose by 16.8% y-o-y to BHD 74.5 million (USD 197.6 million) compared with BHD 63.8 million (USD 169.2 million)...read more...