1st Quarter Results

 

TIDM89YE 
 
RNS Number : 6584R 
BBK (B.S.C.) 
05 May 2009 
 

 
 
BBK records a net profit of BD 12 million in the first Quarter 2009 
 
 
 
 
Mr. Murad Ali Murad, Chairman of the Board of Directors of BBK, yesterday 
announced that the bank recorded a net profit of BD 11.9 million for the first 
three months of 2009, showing a growth of 7.3% over the same period of last 
year. 
 
 
The increase in the profits was mainly attributed to growth in fees and 
commission income of 11.6% over the same period last year. Net interest income 
reported BD 13.3 million, while foreign exchange & investment income reported BD 
4.1 million during the first quarter of 2009. Operating cost stood at BD 9.9 
million compared to the same period of last year of BD 8.3 million. The growth 
in operating cost is mainly on the account of investments being made under the 
strategic plan in building capabilities, developing new businesses, and on 
development of Bank's human resources. The bank stands at a comfortable level of 
provision reserves against its investment portfolio which was created in 2008. 
 
 
The bank's balance sheet at the end of 31st March 2009 stood at BD 2,007 million 
compared to BD 2,165 million in December 2008. Loans & advances has grown by 
11.9% over March 2008 to stand at BD 1,339 million, while customer deposits has 
grown by 9.5% over the same period of last year to stand at BD 1,243 million. 
 
 
At a time when international financial crisis continues to negatively impact the 
performance of different sectors of the economy in many contraries around the 
global particularly the banking and financial sector, we feel proud to record a 
growth over last year's profits" Mr. Murad Ali Murad said. He also added "the 
result reveals the bank ability to withstand and compete in times of 
turbulence". 
 
 
The bank was recently awarded with "Bahrain e-content Award" for the 3rd year in 
a row, reflecting the level of satisfaction the bank's customers have in the 
level of the services offered by the bank. 
 
 
On internal development, the bank has recently promoted three of its staff to 
join the executive management team, in the area of Financial Control, Retail 
Banking, and Information Technology. "being in time of financial turbulence will 
not prevent BBK to be a pioneer in hiring or promoting professional staff to key 
positions. We believe having quality staff is essential in delivering the 
quality of service which our customers seek". Mr. A.Karim Bucheery, Chief 
Executive said. 
 
 
Commenting on the bank's performance, he said "BBK always proved to be strong in 
facing financial difficulties, though this was the toughest, thanks to the 
Bank's strong core business which continued its positive trend. With our results 
for the first quarter, we feel confident that we will end 2009 recording strong 
performance and healthy balance sheet." 
 
 
Bank of Bahrain and Kuwait 
BBK has been the pioneer in Commercial Banking for the last 35 years in the 
Kingdom of Bahrain. As a revolutionary market leader, BBK has built a name and 
reputation which is respected locally as well as internationally. To maintain 
this reputation, BBK has been at the forefront, incorporating the latest 
technologies to provide the finest services. One such service is the e-banking 
solutions that provides new generation services through its user friendly award 
winning website www.bbkonline.com 
 
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