The bank’s Chairman Farouk Yousuf Khalil Almoayyed, on the sidelines of the bank’s annual general meeting (AGM) of the shareholders on Wednesday, said that there would be final announcement on the proposed decision of BisB takeover.
Bankers believe that the BisB takeover will add a new dimension to the exiting strength of the NBB which has been one of the oldest conventional banks in Bahrain and will be able to enter the Islamic banking.
“The year 2012 has been another successful year for the Bank with a Net Profit of BD 47.50 million (US$ 126.33 million), an increase of 4.1 per cent over 2011. Strong growth in revenue and careful expense management resulted in an Operating Profit before Provisions of BD 59.27 million (US$ 157.63 million) for 2012, an increase of 11.2 per cent over the previous year. These results are a testimony to the resilience of the Bank’s business model which focuses on strong domestic growth while selectively seeking new business opportunities in the region. Return on Equity at 16.00 per cent and Return on Assets at 1.88 per cent remains strong by regional and international standards. The Bank remains well capitalized with strong liquidity and a well diversified asset portfolio,” the Chairman said.
Abdul Razak Al Qassim, Chief Executive Officer and Director said that the Bank’s maintained its growth momentum during the year with a strong increase in business volumes and operating revenue while maintaining strict control on operating costs. The impetus during the year was to selectively expand the loan book while efficiently deploy surplus liquidity in other earning assets both domestically and in the region.
“We are optimistic about the growth prospects that will positively impact the financial services industry. NBB’s strategic plan and balance sheet is well positioned to capitalize on these opportunities to achieve stronger growth in the coming years. We will leverage on the largest network of branches, ATM s and other delivery channels in the Kingdom of Bahrain to cross sell our products and services to our valued customers both in the retail and corporate segments,” Al Qassim added.