1st Quarter Results

For Immediate release

BBK discloses its financial results for the first quarter ended 31st March 2025

BBK (trading code BBK) announces its financial results for the first quarter ended 31 March 2025. The Bank reported a net profit attributable to the owners of the Bank of BD 21.1 million compared to BD 20.3 million during the same period of last year, representing a growth of 3.9%. The basic and diluted earnings per share amounted to 12 fils compared to 11 fils during the same period last year.

Total comprehensive income attributable to the owners of the Bank for the three months ended 31 March 2025 amounted to BD 15.4 million, compared to BD 27.3 million for the same period of last year, a decline of 43.6% due to unfavorable mark-to-market valuations of the investment securities.

Total operating income (including share of results from associated companies and joint ventures) for the quarter showed a growth of 2.0% from BD 40.2 million achieved during last year to BD 41.0 million achieved this year. The growth was driven by 9.3% higher net fees and commission income of BD 4.7 million compared to BD 4.3 million in the same period last year. In addition, investment and other income stood at BD 7.2 million compared to BD 4.7 million last year, recording a growth of 53.2%, while net provisions in the quarter decreased by 13.5% from BD 3.7 million to BD 3.2 million compared to the same period of last year. Furthermore, the Bank's share from associated companies and joint ventures during the quarter amounted to a profit of BD 0.4 million compared to a loss of BD 1.0 million during the same period of last year. This was offset by a 10.9% decrease in net interest income, resulting from lower international interest rates, from BD 32.2 million to BD 28.7 million compared to the same period of last year. The Bank's continuous investment in its strategic initiatives and human capital led the total operating expenses to be reported as BD 16.6 million compared to BD 16.0 million during the corresponding period of last year, representing an increase of 3.8%.

Total shareholders' equity attributable to the owners of the Bank as of end of March 2025 stood at BD 593.1 million (31 December 2024: BD 620.8 million), a reduction of 4.5%, mainly due to the declaration of cash dividend during the first quarter of 2025.

The total assets as of the end of March 2025 reached BD 4,485.4 million compared to BD 4,192.6 million as of 31 December 2024, registering a growth of 7.0%. The growth was mainly attributable to investment securities and the loan portfolio, cash and balances with central banks, and due from banks and financial institutions.

The Board of Directors commented on the Bank's results, stating "As we concluded our successful three-year strategic cycle, BBK has achieved significant milestones that have positioned the Bank for sustained growth and innovation. The robust financial results reflects the dedication and commitment of our team in delivering value to our stakeholders. ".

Also commenting on the results, Mr. Yaser Alsharifi, BBK's Group CE said "Despite the challenging market conditions, BBK has achieved a sound financial performance for the first quarter of 2025, which underscores our resilience and strategic focus in a dynamic market. As we embark on our new strategic cycle for 2025-2027, we are excited to unveil our new initiatives which will focus on market expansion, digital transformation, customer-centricity and innovation. We thank our shareholders, partners, employees and valued customers for their loyalty, dedication and unwavering support.

"In line with our steadfast commitment to corporate social responsibility, BBK has sponsored the "Global Women Economic forum and Exhibition". This aligns with the Bank's efforts to support, encourage and promote initiatives aimed at empowering women and raising awareness of their pivotal role in the economic and social development".

"BBK remains dedicated to provide tailored solutions that meet the evolving needs of our customers through collaborations with real estate and housing sectors, including strategic partnership agreements with vehicle distributors. The latest initiative in this regard is the platinum sponsorship of the Innovation Forum and Exhibition for Social Housing organized by the Ministry of Housing and Urban Planning. Looking ahead, we remain committed to drive sustainable growth and deliver value to our shareholders while navigating the challenges and opportunities ahead".

The full set financial statements and the press release are available on Bahrain Bourse's website.