NBB reports record net profit of BD 61million for 2017

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 ($162.25 million), an increase of 4.8 per cent, compared with BD 58.24 million ($154.88 million).
For the fourth quarter of the year, the bank recorded a net profit of BD 11.58 million ($30.80 million) compared with BD 12.03 million ($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. These results, which were reviewed and approved by the Bank’s Board of Directors on January 29, saw the board recommend a 2017 dividend of 35 per cent (25 per cent cash dividend and 10 per cent stock dividend).
“We are pleased with the strong financial results and record net profit reported by NBB for 2017," Farouk Yousuf Khalil Almoayyed, Chairman of NBB, said. "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."