OREANDA-NEWS. The Bank recorded a Net Profit of BD 43.36 million (US$ 115.32 million) for the nine months ended 30 September 2015 compared to BD 42.16 million (US$ 112.13 million) for the corresponding period of the previous year, an increase of 2.8%. For the third quarter of 2015, the Bank recorded a Net Profit of BD 13.69 million (US$ 36.41 million) compared to BD 13.42 million (US$ 35.69 million) for the corresponding period of the previous year.

The financial results were approved at the Board meeting held on 21st October 2015 chaired by the Bank’s Chairman Mr. Farouk Yousuf Khalil Almoayyed. Expressing his appreciation on the results and achievements, Mr. Almoayyed thanked the executive management team and employees for their dedicated service and the Bank’s clients for their valued business relationship and the confidence reposed by them in the institution.

Commenting on the Bank’s performance, Mr. Abdul Razak Abdulla Hassan Al Qassim, Chief Executive Officer & Director said, “The Bank has achieved steady growth in business and profitability despite a challenging and difficult market environment which is a result of the Bank’s resilient business model.”

The Net Interest Income for the nine months period in 2015 was BD 43.89 million (US$ 116.73 million) compared to BD 45.31 million (US$ 120.51 million) for the corresponding period of the previous year, the decrease mainly on account of drop in the average yield rate on assets due to softer market interest rates. Other income for the nine months period in 2015 showed a strong growth of 28.9 % to BD 29.07 million (US$ 77.31 million) compared to 22.55 million (US$ 59.97 million) for the corresponding period of the previous year. The growth is achieved as a result of increase in core banking activities, higher investment income and increased contribution from the Bank’s associates. Operating expenses increased marginally from BD 22.04 million (US$ 58.62 million) in the nine months of 2014 to BD 22.34 million (US$ 59.41 million) in 2015 mainly to meet ongoing business requirements besides increased contribution to Deposit Protection Scheme. The Bank took a loan loss provision of BD 7.26 million (US$ 19.31 million) during the current year based on an assessment of the loan portfolio and to further strengthen the overall financial position.

The Bank continues to make steady progress with the Total Earning Assets (comprising of Treasury bills, Bank placements, Loans & Advances, Securities and Investment in Associates) as at 30 September 2015 at BD 2,797.66 million (US$ 7,440.59 million) compared to BD 2,759.26 million (US$ 7,338.46 million) as at 30 September 2014. Of particular significance is the growth in Loans & Advances which increased from BD 780.97 million (US$ 2,077.05 million) as at 31st December 2014 to BD 990.93 million as at 30th September 2015 (US$ 2,635.45 million). Customer Deposits as at 30 September 2015 stood at BD 2,276.89 million (US$ 6,055.56 million) compared to BD 2,184.14 million (US$ 5,808.88 million) as at 30 September 2014.