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BBK (B.S.C.) 33YT 3rd Quarter Results



  BBK (B.S.C.) (33YT) - 3rd Quarter Results

RNS Number : 2074P
BBK (B.S.C.)
22 October 2012
 



  BBK reports a net profit of BD 32.1 million, up 18.2%, for the nine months
                          ended 30^th September 2012

 

 

BBK Board of Directors yesterday  reviewed and approved the financial  results 
of the bank  for the nine  months ended  30^th September 2012.  Mr. Murad  Ali 
Murad, Chairman  of the  Board of  Directors, announced  that the  bank's  net 
profit for the period further improved  to reach BD 32.1 million, an  increase 
of 18.2% when compared to the corresponding period of the previous year.

 

Expressing his satisfaction on the achieved results, Mr. Murad Ali Murad  said 
"BBK's fundamental strengths,  along with its  clear strategic vision,  robust 
risk management practices and sustainable financial performance underpins  the 
bank's ability to generate solid performance and consistent growth despite the
challenging operating environment".

 

The main contributors to such improvement in the underlying profitability were
the robust growth  in net interest  income, coupled with  healthy increase  in 
other income. Net interest  income  grew remarkably by  11.4% to amount to  BD 
48.4 million, compared to the same period ended September 2011, which included
BD 0.5 million  of gain on  partial redemption  of term borrowings  (as at  30 
September 2012: nil). The improvement in  net interest income was a result  of 
the increase in the bank's net loans and advances and non-trading  investments 
portfolios. Further,  this  was  a  reflection  of  the  successful  strategic 
implementation of  re-compositioning  of  the  bank's  loans  and  investments 
portfolios. The bank's fees and commission income also registered a growth  of 
11.1% amounting to BD 21.7 million.  FX & Investment income reported a  steady 
income of  BD  9.5  million.  The  bank's  continuous  investments  in  latest 
technologies, distribution  networks,  and  its human  resources  resulted  in 
increasing the operating cost by 4.1%  compared to the period ended  September 
2011. Nevertheless, the cost to income ratio was improved from 49.3% to 46.8%.

 

 

Net profit for the three months ended  September 2012 stood at BD 8.8  million 
compared to  BD 4.0  million which  was  reported in  the three  months  ended 
September 2011.  Net interest  income  for the  quarter   of BD  17.0  million 
increased by 16.7%, while other income,  including fees and commission and  FX 
and investment income have  grown by 18.7% to reach BD 11.4 million. The  bank 
reported BD 7.3  million as provision  requirements for the  third quarter  of 
2012, compared to BD 7.7 million compared to the same period of last year.

 

Mr. A.Karim Bucheery, Chief Executive; said "The bank's core profitability  is 
on an upward positive trend along-with improved cost efficiency, and  business 
volumes are showing signs of improvement across the region".

 

 

The bank has recently received the Hawkama Award for Corporate Governance.  On 
this, Mr. Bucheery commented "BBK continues to commit itself to apply  modern, 
transparent and effective governance principles with its customers, employees,
shareholders and  general public.   We are  very proud  that BBK  was able  to 
maintain high levels of commitment on that aspect and to receive the honorable
"Hawkamah  Bank   Corporate   Governance  Award"   for   the  past   3   years 
consecutively. 

 

Comprehensive income has increased by BD 41.1 million to reach BD 52.2 million
in September 2012;  this was mainly  driven by the  improvement in the  market 
value of the non-trading investments and as  a result of the bank strategy  to 
continuously improve the quality of its investment portfolio.

 

 

BBK's balance sheet grew remarkably to amount to BD 2,981 million, an increase
of 9.1% when compared  to 30^th September 2011.   This has reflected a  strong 
underlying  business  growth  driven  by  increases  in  customer  assets  and 
deposits. Loans  and  advances  stood  at BD  1,464  million,  registering  an 
increase of 5.4%, resulted  mainly from the increase  in retail and  corporate 
loans. Non trading investment assets have witnessed a rapid growth of 42.9% to
reach BD 723 million as of 30^th September 2012.

During the  year  BBK has  managed  to keep  liquidity  parameters at  a  very 
comfortable level with loans to deposits ratio standing at 61%.

 

                                       

                                       

                                       

                                       

                                       

                                       

                                       

                                       

                                       

                                       

                                       

                                       

Editor's notes:

About BBK

 

BBK has been the pioneer in Commercial Banking for 40 years in the Kingdom of
Bahrain. As a revolutionary market leader, BBK has built a name and reputation
which is respected locally as well as internationally. To maintain this
reputation, BBK has been at the forefront, incorporating the latest
technologies to provide the finest services. One example of which is the
e-banking solutions offered by BBK, which provide new generation services
through its user friendly award winning website www.bbkonline.com, along with
the telebanking, cash depository machines and automated teller machines
services. BBK is proud to be honored for its Corporate Governance by the
"Hawkamah Institute" for the 3rd consecutive year. This award has become a
prestigious, competitive and highly coveted bank award that highlights the
industry's strong commitment to good corporate governance.

 

 

 

For Media Enquiries, you may contact:

 

Alya Khunji

Officer

BBK - Corporate Communications Officer

P.O. Box 597

Kingdom of Bahrain

Tel:17207512
Fax:17215587
email:alya.khunji@bbkonline.com 
website : www.bbkonline.com

 

 

                                                                              

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
QRTUUSRRUVARUAA -0- Oct/22/2012 13:17 GMT
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