Manama: National Bank of Bahrain (NBB) on Thursday announced a 33.9 per cent rise in net profit to 19.74 million Bahraini dinars (Dh192.8 million, $52.50 million). In a statement released on Wednesday, the company said the results was supported by higher net interest income linked to growth in loans and advances coupled with better asset liability management resulting in a strong improvement in the net interest margin. Provisions were also significantly lower than in the corresponding period for 2017, further contributing to the overall rise in net profits.
“Prudent management and controls were also critical to increased profitability despite the planned increase in costs attributable to investments in human capital and technology to support the Bank’s modernisation, strengthening of its digital capabilities and efforts to drive ongoing growth both in Bahrain as well as regional markets where NBB is focused on leveraging and expanding its presence,” said Farouk Yousuf Khalil Al Moayyed, Chairman of NBB.
The bank reported an increase of 5.6 per cent in operating profit for the period, driven largely by the healthy increase (14.8 per cent) in loans and advances and resulting improvements in the net interest income.
