NBB Chairman says 2016 was another good year

Farooq Almoayyed

MANAMA: The year 2016 was another successful year for National Bank of Bahrain recording a net profit of BD 58.24 million compared to BD 55.26 million for the previous year, an increase of 5.4 percent, says Farouk Yousuf Khalil Almoayyed, Chairman of the board.

He was speaking during the bank’s AGM/EGM on Wednesday and said that the key performance indicators continue to improve with a return on average equity of 14.94 per cent and earnings per share of 50.9 fils. “These results reflect the Bank’s continued focus on improving revenue streams while maintaining prudent risk management,” he said, adding that NBB’s has consistently endeavoured to support the development and prosperity of the Kingdom and its citizens.

“The Personal Banking division continued its efforts to further enhance the Bank’s digital presence along with undertaking several new marketing initiatives. Business Banking played a lead role and participated in several projects which were of significant importance to the Kingdom. Progress at the Bank’s branches in Abu Dhabi and Riyadh has been slow given the difficult economic conditions in these countries on the back of low oil prices. Treasury & Investment Group played a major role during the year in enhancing the overall yield by effective deployment of surplus liquidity in several domestic and regional initiatives.”

“The prospects for 2017 is cautiously optimistic, though growth will remain restrained in the medium term as the regional economies adjust to the new norm of lower levels of oil prices for a protracted period of time. The Board will continuously review the Bank’s business priorities in line with the changes in the external business environment. The Board of Directors take this opportunity to reaffirm their commitment to meet the expectations of all stakeholders while maintaining the highest standards of corporate governance in all its business dealings.”

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