Bahrain’s NBB posts 4% rise in H1 net profit to $108mln

Bahrain’s NBB posts 4% rise in H1 net profit to $108mln

Bahrain - National Bank of Bahrain (NBB) has reported 4% increase in net profit attributable to shareholders to BHD40.8 million ($108.2 million) in the first six months of the year, compared to BHD39.4 million ($104.5 million) in the same period of 2022.

The rise in net profit was driven by higher income from loans and investment securities, the bank said.

Earnings per share increased to 18 fils for the first half of 2023 compared with 17 fils in the same period of 2022.

Total comprehensive income attributable to NBB’s shareholders for the period increased by 8% to BHD42.8 million compared with BHD39.5 million in 2022. The increase is mainly due to mark-to-market of the Bank’s investment portfolio.

PROFIT FALL IN Q2

Meanwhile, NBB posted an 8% decrease in its net profit attributable to shareholders to BHD18.4 million ($48.8 million) for the second quarter ended June 30, 2023, compared to BHD20 million in the same period of 2022.

The difference in net profit is predominantly due to lower realised gains from the sale of investment securities in 2023. Excluding the difference in gains in both years, the second quarter’s attributable net profit would register a growth of 23%, the bank said.

Earnings per share marginally decreased to 8