Chairman of the bank’s board Farouk Yousuf Khalil Almoayyed, on the sidelines of the annual ordinary general meeting of the shareholders of NBB, told reporters that NBB would carry out the region-wide expansion by opening full-fledged branches.
Earlier, the overwhelming majority of 78% of the shareholders ratified the bank’s financials for the year 2011.
Talking about the bank’s outlook he said that the first two months of 2012 were excellent and hope this trend would create a sustainable growth towards the end of the year.
Almoayyed also gave the details of the BD 10 million agriculture Fund, in which NBB is contributed BD5 million, and said that the project was still in an early stages.
“NBB achieved another year of excellent financial performance in 2011 despite a challenging and difficult business environment. The Bank’s strategic vision of increasing domestic market business while seeking selective regional business opportunities and efficiently managing operational costs ensured that the long term growth objectives were met without compromising on risks. Accordingly, the results reflect a Net Profit of BD 45.64 million in 2011 compared to BD 43.02 million in 2010, an increase of 6.1%,” Farouk Almoayyed told the AGM.
Abdul Razak Al Qassim, Chief Executive Officer and Director stated that the Bank’s focused business strategy of achieving steady and consistent performance by relying on core competencies and following prudent banking principles which proved a key to the success in 2011. During the year, the Bank took several initiatives to increase the scope and scale of operations in the domestic market, besides directing significant efforts towards increasing the business at the two overseas branches in Abu Dhabi and Riyadh. This has led to a steady growth in the total earning assets and revenue streams while cost to income ratio declined.
“As the economic and business environment stabilizes we remain confident that our strategic ingenuity, core values and professional approach to business will enable us to deliver the best value to our stakeholders and further improve our position in the market place. Our well established business franchise, strong capital base and adequate liquidity will enable us to meet our priorities for the eventual benefit of all stakeholders,” Qassim, added.