National Bank of Bahrain H1 net profit marginally ahead

EDGING AHEAD: Profits marginally ahead, but ops expenses rise as well, at National Bank of Bahrain.

National Bank of Bahrain on Wednesday reported net profit of BD25.60 million ($68.09 million) for the 6 months through June 30, compared to BD25.57 million ($68.01 million) for the corresponding period last year.

Net interest income rose to BD25.14 million ($66.86 million) from BD22.70 million ($60.37 million), while 'other income' fell to BD13.32 million ($35.43 million) from BD15.42 million ($41.01 million) - principally due to a fall in income from syndications and mutual fund business on account of a slowdown in market activities.

Operating expenses meanwhile increased to BD12.69 million ($33.75 million) from BD12.55 million ($33.38 million) due to 'expanding business requirements'.

No major credit deterioration was noted and therefore no impairment provision for loans was made during the period.

Loans and advances as at June 30 were 7.9 percent higher at BD1.15 billion ($3.07 billion)

Customer deposits stood at BD1.43 billion ($3.81 billion), compared to BD1.37 billion ($3.64 billion).

The annualised return on average equity of 23.6 % during H1 2009 compared to 20.7 % in the half of 2008

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