BBK has reported net profit attributable to the owners of the bank of BD72 million for the year ended December 31, 2024 and BD19m for the fourth quarter of 2024.
For the fourth quarter of 2024, the bank’s net profit of BD19m is 6.1 per cent higher compared to BD17.9m for the same period of 2023.
The basic and diluted earnings per share for the fourth quarter stood at 11 fils, compared to 10 fils for the corresponding period of last year.
The higher net profit was mainly due to an increase in investment and net fees and commission income.
Total comprehensive income attributable to the owners of the bank during the fourth quarter of 2024 was lower by 50.8pc at BD11.8m, compared to BD24m during the same period of last year.
This is mainly due to higher movement in unrealised gain in fair value reserves relating to debt instruments and equity investments in the same period last year.
For the full financial year of 2024, the bank’s net profit amounting to BD72m compared to BD74.5m in 2023, marks a decrease of 3.4pc.
The basic and diluted earnings per share amounted to 40 fils compared to 41 fils in 2023. This is mainly due to higher provision allocation during the year.
Total comprehensive income attributable to the owners of the bank for 2024 was lower by 17.7pc at BD69.5m, compared to BD84.4m for last year.
This result is mainly due to higher movement in unrealised gain in fair value reserves relating to debt instruments and equity investments in the previous year.
Chairman Tariq AlSaffar
The net fees and commission income increased from BD14.4m to BD19.5m, recording a growth of 35.4pc, while investment and other income experienced a growth of 21.5pc increasing from BD16.3m to
BD19.8m, reflecting the bank’s dynamic business model and its efforts to diversify income from non-interest income streams.
Total shareholders’ equity attributable to the owners of the bank as of end-2024 has grown by 1.6pc to BD620.8m compared to BD611.1m as of end-2023.
Total assets as of end-2024 increased by 7.5pc to BD4,192.6m compared to BD3,901.9m as of end-2023, mainly due to an increase in loans and advances by 13pc from BD1,588.3m to BD1,794.1m, and were funded mainly through growth in customer deposits which has grown by 13.2pc from BD2,130m to BD2,411.3m.
Following the positive financial results, the bank’s board of directors has recommended paying cash dividends of 35 fils per share (including 12.5 fils interim dividend paid earlier) for the year 2024 for the shareholders registered with the bank on the record date, subject to the approval of the regulatory authorities and shareholders at the annual general meeting (AGM).
The board of directors commented: “The bank continues to drive shareholder value through its financial performance that aligns with the bank’s adaptive strategy and dynamic business model. We sincerely thank our customers for their confidence in BBK’s services, reflecting our agility in meeting their needs and market conditions. We also appreciate our shareholders’ trust in BBK’s ability to provide value, and our dedicated management and employees for their hard work and perseverance as we strengthen our future position.”
BBK Group chief executive Yaser Alsharifi commented on the financial results, stating: “BBK remains sound in its commitment to a robust business model that aims to deliver value and excellence to its shareholders and customers. This commitment is reflected in the noticeable increase in net loans and advances and customer deposits during the year. Furthermore, BBK has initiated several strategic collaborations with key players in different industries to associate itself with industry leaders as we continue to prioritise delivering elite service and distinctive product offerings to our customers.”
He added: “We note with pride that BBK was awarded the ‘50 Years of Excellence’ award from Global Banking and Finance Review, as well as the ‘Best Financial Institution’ award from Global Business and Finance magazine. As we enter the 2025-2027 strategic cycle the plan is to continue building on the strong foundations of the bank and its accomplishments for 2024 despite the challenging market conditions.”
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