Bahrain: NBB Q1 attributable net profit rises 15% to record $59.4mln

Bahrain: NBB Q1 attributable net profit rises 15% to record $59.4mln

National Bank of Bahrain (NBB) has seen a 15% rise in its net profit attributable to shareholders to a record BD22.4 million ($59.4 million) for the first quarter (Q1), compared to BD19.4 million in the same period of 2022.

The increase in net profit is mainly due to higher income from loans and securities and continued higher performance from the capital market and treasury teams.

Earnings per share increased to 10 fils ($3 cents) for the first quarter of 2023 compared with 9 fils ($2 cent) in the same quarter of 2022.

Total comprehensive income attributable to NBB’s shareholders for the quarter decreased by 62% to BD15.4 million compared with BD40.9 million in 2022, due to the negative mark-to-market movements of the equity and Bahrain sovereign bond portfolios. The prior year results included significant fair value gains in both the equity and bond portfolios as we exited the pandemic, which were not applicable to 2023.

Balance sheet

The group’s total equity attributable to owners decreased by 7% to BD529.1 million compared to BD565.9 million reported on December 31, 2022. The decrease followed the payment of BD51.5 million of cash dividends during the first quarter of 2023.

The group’s total assets increased by 1% during the quarter