National Bank Bahrain posts Q2 net profits of $26.7 mn

National Bank Bahrain posts Q2 net profits of $26.7 mn

First half of the year net profits declined 9.1 percent compared with the same period last year.

July 12, 2010 8:34 by Samuel Potter

The National Bank of Bahrain, NBB, announced a net profit of BD $23.26 million, $61.86 million, for the first six months of 2010, down 9.1 percent from $68.09 million posted for the corresponding period last year, the bank said in a press release.

For the second quarter of 2010, NBB posted a net profit of $26.70 million, down from $31.65 million for the corresponding period of the previous year.

The bank’s CEO and Director, Abdul Razak Abdulla Hassan Al Qassim, credited the bank’s “prudent risk management, outstanding asset quality and sound liquidity position.”

“The re-affirmation of all ratings by Capital Intelligence during the current quarter is a further testimony to our sound financial position,” Al-Qassim added.

Net interest income for the six month period declined, from 66.8 million to $62.4 million, compared to the year earlier period, “attributable to lower yield on surplus liquidity consequent to fall in market interest rates,” the bank added.