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NBB elects new chief as profit hits $90.5m

MANAMA: National Bank of Bahrain (NBB) deputy chairman Farouk Yousuf Khalil Almoayyed was yesterday unanimously elected as the new chairman of the bank. Dr Essam Fakhro was elected the chairman of the executive committee.

Speaking at the board meeting, where NBB directors observed a minute of silence as a mark of respect for their departed chairman Abdulla Ali Kanoo who had led the bank since 1997, Mr Almoayyed, on behalf of the board, expressed heartfelt condolences to the bereaved family.

Mr Almoayyed expressed his satisfaction with the results achieved by the bank against the backdrop of the current uncertain and challenging business environment.

The bank achieved a net profit of BD34.03 million ($90.51m) for the nine months of this year compared to BD36.95m in the same period last year.

For the third quarter, it recorded a net profit of BD10.77m compared to BD11.35m.

It announced net interest income for the period was BD35.78m ($95.16m) compared to BD37.25m for the same period last year.

The decline in the net interest income is attributable to lower yield on surplus liquidity consequent to the fall in market interest rates and higher cost of deposits.

Other income at BD18.99m showed a marginal increase over the previous year largely on account of increase in income from core business activities.

Operating expenses increased by 1pc from BD19.03m to BD19.22m as a result of growth in the underlying business activities.

Earnings per share for the nine months were 43.8 fils compared to 47.5 fils for the nine months of last year.

"The overall financial performance of the bank remains consistent despite a decrease of 7.9pc in the reported net profit," said chief executive officer Abdul Razak Abdulla Hassan Al Qassim.

"In spite of a difficult external business environment, the bank has been able to maintain its performance as a result of prudent business strategies and emphasis on building a strong balance sheet within acceptable risk parameters.

"Our strong asset quality coupled with a comfortable liquidity position places us in an advantageous position to seize new business opportunities as they gradually emerge in the future."



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