National Bank of Bahrain (NBB) reported strong financial results and growth for the financial year ended 31 December 2017 with record Net Profit of BD 61.01 million (US$ 162.25 million), an increase of 4.8%, compared to BD 58.24 million (US$ 154.88 million). For the fourth quarter of the year, the Bank recorded a Net Profit of BD 11.58 million (US$ 30.80 million) compared to BD 12.03 million (US$ 31.99 million) for the corresponding period in 2017. Earnings Per Share (EPS) for the year also improved to 48.4 fils for 2017 from 46.3 fils in 2016 reflecting the Bank’s enhanced performance and continued effective cost management. These results, which were reviewed and approved by the Bank’s Board of Directors on 29 January 2018, saw the Board recommend a 2017 dividend of 35 % (25 % cash dividend and 10 % stock dividend).
Commenting on the results, Mr. Farouk Yousuf Khalil Almoayyed, Chairman of NBB, said, “We are pleased with the strong financial results and record net profit reported by NBB for 2017. Despite challenging economic conditions, the Bank continued to grow and deliver improved returns for shareholders. Strengthened performance and returns were supported by a new strategy, adopted during 2017, which focuses on diversification, both in existing business lines and through the addition of new revenue streams, and wide reaching operational enhancements including digital innovation across the Bank. Having already begun to see the benefits of these efforts in 2017, NBB is well positioned for ongoing sustainable growth, greater profitability and the expansion of the already important role the Bank plays in driving economic development in the Kingdom of Bahrain. As we embark on a new year, I’d like to extend our gratitude to the customers and partners of NBB and thank our management and staff for their continued dedication and hard work.”