NBB reports a 11% increase in net profit attributable to the owners of the Bank for the nine months of 2022

NBB reports a 11% increase in net profit attributable to the owners of the Bank for the nine months of 2022

Third quarter only

National Bank of Bahrain B.S.C. (NBB) has reported a 25% decrease in its net profit attributable to equity shareholders to BHD 11.4 million (USD 30.2 million) for the third quarter ended 30 September 2022, compared to BHD 15.3 million (USD 40.6 million) in the same period of 2021. The decrease in net profit is mainly due to higher provision requirements in the third quarter following the cessation of the loan deferral program.

Basic and diluted earnings per share decreased to 6 fils (USD 2 cents) for the third quarter of 2022 compared with 7 fils (USD 2 cents) in the same period of 2021.

Total comprehensive income attributable to NBB’s equity shareholders for the quarter increased by 9% to BHD 9.8 million (USD 26.0 million) compared with BHD 9.0 million (USD 23.9 million) in the same period of 2021. The increase is predominantly attributable to the mark-to-market movements of the Bahrain sovereign bond portfolio.

Operating income increased by 14% in the third quarter of 2022 to BHD 43.5 million (USD 115.4 million) compared with BHD 38.2 million (USD 101.3 million) in the prior year period. The increase is largely due to higher net interest income resulting from higher loan volumes, and