Immediate Release
BBK discloses its financial
results for the half year ended 30th June
2024
BBK (trading code BBK) announces its
financial results for the half year ended 30th June 2024
recording a marginal drop of 1.4% over the net profit of the same
period of last year.
For the second quarter of
2024:
The Bank achieved a net profit
attributable to the owners of the Bank of BD 16.2 million, 4.1%
lower than the net profit achieved during the second quarter of
last year of BD 16.9 million. The basic and diluted earnings per
share for the second quarter stood at 9 fils, in line with the same
period of last year. The lower net profit was mainly due to the
higher net provision requirements during the period.
Total comprehensive income
attributable to the owners of the Bank amounted to BD 9.7 million
during the second quarter of 2024, compared to BD 29.2 million
during the same period of last year, representing a decrease of
66.8%. The reduction is mainly due to lower fair value reserve of
investment securities during the period.
For the half year ended
30th June 2024:
The Bank achieved a net profit
attributable to the owners of the Bank of BD 36.5 million compared
to BD 37.0 million during the same period of last year, marginally
lower by 1.4%. The basic and diluted earnings per share amounted to
20 fils compared to 21 fils during the same period of last
year.
Total comprehensive income
attributable to the owners of the Bank for the first half of 2024
amounted to BD 36.9 million, compared to BD 36.7 million for the
same period of last year representing a marginal improvement of
0.5%.
The decrease in net profit was mainly
attributable to an increase in net provisioning requirements, and
higher interest expense due to customers' deposits growth,
compensated by higher net fees and investment income.
Total shareholders' equity
attributable to the owners of the Bank as of end of June 2024
increased by 0.3% at BD 613.2 million (31 December 2023: BD 611.1
million).
Total assets as of the end of June
2024 increased by 5.1% reaching BD 4,101.4 million compared to BD
3,901.9 million as of 31 December 2023, due to higher cash and
balances with central banks driven by growth in customer deposits
and term borrowings.
Based on the achieved interim
results, the Board of Directors has decided to distribute an
interim cash dividend representing 12.5% (12.5
fils per share) subject to obtaining the necessary
regulatory approvals.
Commenting on the Bank's results, the
Board of Directors expressed their appreciation stating, "BBK
continues to achieve continued success, which is demonstrated by
the Bank's outstanding financial performance, reflecting the strong
business model which aims to deliver value to its shareholders and
customers. We would like to extend our thanks and gratitude to our
customers for their loyalty, our shareholders for their support,
and management and employees for their dedication and
effort".
Also commenting on the Bank's
financial results, Dr. AbdulRahman Saif, BBK's Group Chief
Executive added "It's our pleasure to share the Bank's strong
financial achievements during the year despite the higher
precautionary provisioning for the period. The Bank's solid
performance and financial position has supported the successful
issuance of senior unsecured five-year international bonds valued
at USD 500 million to refinance the maturing current international
bond. In support to the community, BBK launched its second edition
of the "Grow" program, designed to enhance and improve the skills
of university graduates who aspire to excel in the banking
industry. In terms of employee's support, BBK introduced multiple
policies aiming to enhance the workplace experience and promote
diversity, inclusion and enhance employees work-life
balance".
The full set financial statements and
the press release are available on Bahrain Bourse's
website.