NBB reports highest quarterly profit of $74.5m

14/05/2025 06:29 AST

National Bank of Bahrain (NBB) has reported a 2% year-on-year increase in net profit attributable to shareholders reaching BD28.1 million ($74.5 million) for the first quarter ended 31 March 2025, compared to BD27.5 million ($72.9 million) in the same period of 2024.

The reported net profit is the group's highest-ever quarterly profit, said the bank.

The increase was driven by higher operating income supported by stable operating expenses, the bank said.

Earnings per share at 12 fils for the first quarter of 2025, remained consistent with the same period last year.

Total comprehensive income attributable to NBB's shareholders for the quarter decreased by 36% to BD20.4 million compared to BD32 million in 2024. The decrease is mainly attributable to the mark-to-market movements of the bond and equity portfolios.

Balance sheet
The group's total equity attributable to shareholders decreased by 7% to BD545 million as of 31 March 2025, compared to BD583.8 million as of 31 December 2024. This change reflects the proactive distribution of value to our shareholders, following the approval and declaration of BD56.4 million in year-end cash dividends for 2024 at the Annual General Meeting held during the first quarter. The movement in equity was expected and underscores the bank's ongoing commitment to delivering strong returns to our shareholders while maintaining a robust capital position.

The group's total assets increased by 8% during the period to BD5,942.4 million compared to BD5,522.2 million recorded on 31 December 2024.

Hala Yateem, Chairperson of NBB, said: "We have started 2025 on a strong footing, achieving the group's highest-ever quarterly profit at BD28.1 million -- a 2% increase compared to the same period last year. Total assets also reached a new milestone exceeding BD5.9 billion, reflecting robust 8% growth since year-end. Supported by an average return on equity of 19.6%, these results reflect NBB's ability to consistently create value for shareholders. We remain steadfast in our commitment to supporting the Kingdom's broader economic development, embedding ESG principles across our operations and investing meaningfully in our communities."

Usman Ahmed, Group Chief Executive Officer, added: "NBB reported an operating profit of BD34.3 million in the first quarter-16% higher than the prior-year period. Our balance sheet remains strong and has registered an 8% growth in total assets and a 3% increase in customer deposits from the year-end level. This performance reflects our domestic growth and our continued enhancement of our product offerings, in addition to the progress of our regional expansion strategy. This record-setting first quarter follows two consecutive years of record profits and reflects our continued focus on delivering value for our clients."

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