The shareholders of BBK on Tuesday approved the financial statement of the financial year ending December 31st, 2022. The AGM was chaired by Murad Ali Murad, Chairman of the board and attended by the bank’s shareholders, board members and the members of the executive management.
During the AGM shareholders approved the payment of cash dividends of BD40.9million or equal to 25 fils per share and stock dividends of 5% per share equivalent to 5 shares for every 100 shares held for 2022.
The shareholders also approved the bonus shares of BD8.1million, the exceptional one-time cash dividend of 5 fils per share for shareholders marking the celebration of BBK’s 50th anniversary.
"BBK’s strong performance during the year once again demonstrated the Group’s ability to withstand challenging economic cycles as well as its commitment to achieving the targets outlined in the new 2022-2024 strategy, which places even greater emphasis on sustainability," Murad Ali Murad, told shareholders.
BBK achieved a net profit attributable to the owners of the Bank of BD 64.4 million in 2022, a 21.3% higher than 2021. The basic and diluted earnings per share reached 39 fils during 2022 compared to 32 fils during 2021. The shareholders’ equity attributable to owners of the Bank stood at BD 596.3 million at the end of 2022 compared to BD 542.8 million at end of 2021. The increase in net profit was mainly attributable to increase in net interest income by 24.1% comparing to previous year to reach BD 102.5 million during 2022 as a result of active balance sheet management followed by the Bank, in response to interest rates hikes during the year. On the other hand, the net provision charges increased from BD 2.9 million to BD 8 million due to the Bank’s prudent risk management approach, and to strengthen the Bank’s financial resilience given the challenging economic environment.
"The year 2022 was a landmark year that saw the Bank celebrate its Golden Jubilee and achieve net profit growth of 21.3 percent. This solid performance and the steady improvements to the Bank's operations reflect BBK’s clear vision, robust business model, and adaptive strategies, as well as the high standards of professionalism among our team," Murad Ali Murad, added.
"The top-line growth comes on the back of rising interest rates, strong liquidity, and digital transformation initiatives that have helped the Bank to enhance its services and better manage expenses. The contribution from our subsidiaries and overseas branches were also key to our financial success this year.
The banking industry has evolved, market conditions have fluctuated, and customers’ expectations have shifted significantly over the past five decades, however, BBK’s commitment to delivering innovative services and contributing to Bahrain's economic and social growth remains steadfast."
Source: Bahrain News Agency