News Column

BBK net profit rises

February 4, 2014

BBK has posted net profit of BD 45.1 million for the year ended on 31 December 2013 , a year-on-year growth of 6.4 per cent. Earnings were also raised to 49 fils per share (2012: 46 fils per share). "Our 2013 results are a testament to the strength of our business model and the performance of our talented and dedicated employees with a newly aligned executive management team. The success in 2013 stems from, and builds upon the financial performance and is in pursuit of the goals set out in our 2013-2015 strategic plan. We have developed our business across diverse revenue streams, further expanded our horizons in overseas endeavours and successfully implemented an organisation- wide restructuring program while maintaining a high level of profitability and growth," Chairman of the Board of Directors Murad Ali Murad said. BBK showed sustainable growth in net interest income of 4.7pc to reach BD 68.9 million compared to BD 65.8m reported in 2012. The successful investment strategies implemented during 2013, along with increased FX volumes resulted in increasing the FX and investment income by a solid 24.7pc to reach BD 17.4m compared to BD 13.9m reported in the same period last year. Fees and commission income stood at BD 26.2m ( December 2012 : BD 27.5m). Comprehensive income was reported at BD 52.0m for the year ended in December 2013 . Operating costs grew by 10.7pc to reach BD 54.4m in December 2013 compared to BD 49.1m recorded in the corresponding period of last year. The increase in operating costs was mainly driven by the one-off costs incurred as part of the organisational restructuring and early retirement plans which was implemented during the year. Based on the above performance, the Board of Directors has decided to raise its recommendation to the shareholders for a profit distribution of 20pc, comprising of 10pc cash dividend per share, and 10pc stock dividend per share, with earnings per share of 49 fils. copyright

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Source: Daily Tribune (Bahrain)

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