National Bank of Bahrain (NBB) has reported a 19 per cent reduction in net profit attributable to shareholders reaching BD16.2 million ($43m) for the fourth quarter ended December 31, 2024, compared to BD20.1m ($53.3m) in the same period of 2023.
The decrease was partially influenced by timing differences as some transactions that contributed to overall performance materialised in previous quarters affecting the year-over-year quarterly comparison.
The group continued to maintain a strong balance sheet in the fourth quarter with total assets continuously exceeding BD5.5 billion ($14.6bn).
Earnings per share decreased to 7 fils (2 cents) for the fourth quarter of 2024 compared with 9 fils (2 cents) in the same quarter of 2023.
Total comprehensive income attributable to NBB’s shareholders for the quarter increased by 70pc to BD19.6m ($52m) compared to BD11.5m ($30.5m) in 2023.
The increase is mainly attributable to the mark-to-market movements of the bond and equity portfolios.
NBB has reported a 4pc growth in its net profit attributable to the shareholders for 2024, recording BD81.9m ($217.3m) compared to BD79.1m ($209.8m) in 2023.
The increase in net profit is mainly due to higher net interest income driven by a 19pc customer loan growth and higher gains from investment securities and treasury activities.
Earnings per share increased to 36 fils (10 cents) for the year compared with 35 fils (9 cents) in 2023.
Total comprehensive income attributable to NBB’s shareholders for the year increased by 22pc to BD91m ($241.4m) compared with BD74.8m ($198.4m) in 2023.
The increase is mainly attributable to the positive mark-to-market movements of the bond and equity portfolios.
The group’s total equity attributable to shareholders as of end-2024 is at BD583.8m ($1,548.6m) compared to BD565m ($1,498.7m) as of end-2023.
The group’s total assets increased by 3pc during 2024 to BD5,522.2m ($14,647.8m) compared to BD5,372.5m ($14,250.7m) recorded as of end-2023. The increase was mainly due to loans and advances registering a growth of 19pc as of end-2023.
Following the group’s strong performance, the board of directors proposed a cash dividend of BD79.2m or 35pc per share equivalent to 35 fils, inclusive of 10pc interim dividends announced during August 2024.
The appropriations are subject to the approvals of the regulatory authorities and the shareholders at the annual general meeting.
On the occasion, NBB chairperson Hala Yateem said: “The year 2024 marked a record year for NBB Group as we closed with an attributable profit of BD81.9m, representing a 4pc increase from 2023. Our 14.3pc return on average equity reflects our commitment to deliver consistent value to our shareholders. We remain focused on strengthening our market position and advancing initiatives that support Bahrain and the wider region’s long-term economic growth. We look forward to building on our strengths, adapting to evolving market needs, and creating new opportunities for sustainable progress.”
Mr Ahmed
NBB Group chief executive Usman Ahmed commented: “Our continued growth trajectory in 2024 reflects the trust of our customers across Bahrain, UAE and the Kingdom of Saudi Arabia. Our operating profit of BD90.5m was driven by an increase of 19pc and 7pc, respectively in loans and customer deposits. During the year, we continued to invest and innovate, introducing digital solutions, such as the digital Yalla family account and the NBB Go mobile point-of-sale product.
“Our strategy for the future remains centred around serving the evolving needs of our customers while advancing our sustainability agenda and delivering long term value for our shareholders.”
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