BBK

First Quarter Financial Reults

Wed, 23 Apr 2008 07:34:53 GMT

BBK net profit up 16.1% despite taking more provisions

Click here for the Financial Results

BBK has announced a growth of 16.1% in its net profits for first three months of 2008 when compared to the same period last year. The bank’s profits for the period, attributable to the shareholders of the parent, rose to BD 11.1 million as compared to BD 9.5 million in the previous year.

The bank’s core operating performance improved significantly during the period, though the financial results were impacted by additional provisions of BD 13.8 million made against certain financial assets. The adverse conditions in the global financial markets had a major negative impact on the bank’s exposure in Structured Investment Vehicles managed by likes of Citibank, Dresdner bank, HSBC and Bank of Montreal.

The improvement in underlying profitability was driven by robust growth in net interest income as well as other income. The net interest income for the quarter grew sharply to BD 14.5 million on volume growth, an increase of 25% over the same period last year. The bank’s other income also showed impress growth across the business activities, with fees income, foreign exchange income and investment income all showing a good growth.

The operating expenses for the quarter increased by BD 1.3 million, or 19%, as the bank continued to invest in building blocks as part of the strategic initiatives. However, the bank’s core cost to income ratio at under 35%, continued to improve as compared to the previous year.

The bank’s balance sheet at BD 2.41 billion grew sharply by BD 522 million or 29.7% when compared to March 2007. This reflected a robust business growth, with net loans and advances increasing by 25% to reach BD 1.19 billion and customer deposits at BD 1.26 billion rising by 15%, when compared to March 2007.

The Chairman of the bank, Mr. Murad Ali Murad, said, “In a time where the world financial market is going through turbulence, it is very satisfying that BBK has been able to deliver good results, despite providing conservatively against impacted financial assets. The underlying performance of the bank has been sturdy with considerable improvement in key balance sheet parameters and related fees income streams”.

Commenting on the bank’s results, Mr. A. Karim Bucheery, Chief Executive Officer of the bank, said, “We are pleased with the improvements in the bank’s performance for the quarter which has shown good growth of 16% over the last year despite making exceptional provisions against certain financial assets, which are now adequately provided. The bank is on course to implement all its strategic initiatives and further improve its domestic franchise”.

New BBK Consumer Loan Scheme

Tue, 04 Dec 2007 08:33:00 GMT

BBK brightens your home.

Manama, Bahrain: With a view to assist consumers who are on the lookout for a loan scheme that will help and assist them in financing their various requirements, BBK’s Retail Banking division recently announced their new consumer loan promotion under the theme “Brighten your home with a BBK consumer loan”

The bank plans to provide consumers with both, competitive interest rates and speedy approvals on applications. It is also worth mentioning that Bahrainis as well as Expatriates are eligible to apply for the consumer loan.

Whether the customers are looking at refurbishing their homes or require financial assistance for a holiday or even for an unforeseen expense, the consumer loan by BBK aims at fulfilling all of those needs.

Explaining the reason for the launch of the promotion, Mr. Axel Hofmann, Acting Head of Retail Banking at BBK said, “The summer holidays are the only free time that people get to focus their attention on renovation or re decorating their houses. Quite often that expense can be heavy and the customer is caught up in trying to get a consumer loan approval which can be a tedious process. We wanted to create a scenario for our customers whereby all they focus on is the process of making their house more beautiful, while we at BBK take care of the procedures and processes.”

The first 500 customers to get a consumer loan between June 11^th and August 15^th 2008 will be gifted a free Home Centre voucher worth BD 50 to kick start their home beautification process.

BBK has been the pioneer in Commercial Banking for the last 35 years in the Kingdom of Bahrain. As a revolutionary market leader, BBK has built a name and reputation which is respected locally as well as internationally. To maintain this reputation, BBK has been at the forefront, incorporating the latest technologies to provide the finest services. One such service is the e-banking solutions that provides new generation services through its user friendly award winning website www.bbkonline.com

AlHayrat June Winners

Sun, 02 Dec 2007 10:42:00 GMT

We are pleased to announce the name of AlHayrat June Winners

Winner’s Name	Won Amount ( $)	اسم الفائز
Ali Hasan Al Derazi	20,000	علي حسن الدرازي
Shaikha Khalifa Al Khalifa	10,000	شيخة خليفة آل خليفة
Abdulrahman Jassim Abdulrahman	5,000	عبدالرحمن جاسم عبدالرحمن
Zeeba A. Ali Murad	5,000	زيبا عبد علي مراد

BBK's contribution to the Bahraini community

Mon, 19 Nov 2007 09:57:04 GMT

In line with its strategy for a brighter future, BBK has contributed over BD 68,000 to the Bahraini community during the month of September – making contributions during 2007 a total of BD 537,000. September contributions to various humanitarian initiatives and societies, included: Al Rahma Centre for Youth Care, Bahrain Philanthropic Society, Bahrain Red Crescent Society, Bahrain Down Syndrome society, Royal Charity Organization and the Indian Ladies Association.

Dr. Farid Al Mulla, General Manager CEO, received in BBK Headquarters, representatives of the respective societies who received BBK's September contributions. Furthermore BBK's contribution during the month of September, represented in over BD 68,000 in cash, is a token of the bank's ongoing social commitment to the Kingdom of Bahrain and its citizens.

BBK has been one of the major financial institutions in Bahrain providing ongoing contributions to different humanitarian causes and societies throughout the years. In addition to the bank's contributions in September (BD68,500). Supported entities included major charity funds and social initiatives. BBK contributions to different societies were to encourage them to do the necessary in terms of improving a quality of life to those who need it. Contributions included support to educational, health-related and social initiatives.

BBK's Certificates & Refund Cheques

Mon, 19 Nov 2007 09:44:25 GMT

BBK B.S.C invites its shareholders who have subscribed to its Rights Offering to collect their new share certificates and refund cheques from the bank’s main branch starting today and until Thursday, 29 November 2007. Shareholders must present their copy of Subscription Application Form at the main branch of BBK in order to collect their new share certificates and refund cheques.

Starting from Sunday, 2 December 2007, shareholders who miss the abovementioned period may collect their new share certificates and refund cheques from the Registrar office located on the fifth floor of Al-Hedaya Building during normal business hours.

New BBK CEO

Mon, 19 Nov 2007 09:33:00 GMT

Long-time banking veteran takes new role; Mr Abdulkarim Bucheery is BBK’s new CEO

BBK, one of the leading commercial banks in Bahrain, announced the appointment of Mr. Abdulkarim Ahmed Bucheery as its Chief Executive Officer,(CEO) with effect from immediately.

Mr. Bucheery’s role in the past few months and since his appointment in an acting capacity has been instrumental and effective in helping the transition period..

For the past 6 years, Mr. Bucheery has worked alongside BBK’s Executive Management and was a key contributor to maintaining the Bank’s position as one of the leading commercial banks, driving its vision and strategy. He also helped expand the Bank’s range of products and services and its geographic reach to where they are today.

Commenting on the new appointment, the Chairman Mr. Murad Ali Murad, said, “We are pleased to make this announcement to appoint Mr Abdulkarim as the CEO and we are confident that he will lead the Bank and add value making use of his expertise and long experience and will no doubt work to achieve the objectives of the Bank

“We are satisfied with the improvements in our core profitability, with most business indicators showing an encouraging trend. As such, we are certain that the appointment of Mr. Bucheery will further contribute to the Bank’s good progress in implementing its current corporate strategy and its continuous business growth and profitability”

Mr. Bucheery’s executive experience spans almost 30 years in commercial banking, with extensive and diverse skills and strength in credit and country risk management, marketing, and product development, including Islamic banking.

Prior to joining BBK in January 2002, Mr. Bucheery was Executive Vice President at one of the leading merchant banks in the Middle East, responsible for the Institutional banking business. With over 21 years of commitment and dedication in his previous job, he has undertaken various responsibilities in different management roles, enriching his expertise across the board. Mr. Bucheery has also spent two years in the city of London looking after its Middle Eastern relationships.

Mr. Bucheery holds a B.Sc. in Economic Science, with an emphasis on Economic, from Aleppo University in Syria, which he obtained in 1976. He has attended many specialized banking and management training programmes such as the Citibank Credit (CAD) program in Athens, Darden Executive Management Program in Virginia, International Banking Summer School in Boston, Bank Treasury Management, Capital Markets and many more.

He has been an active member of various committees in his previous positions but more recently, at BBK.

Presently, he is the Chairman of the Board of CrediMax, Vice Chairman of the Board of Bahrain Credit Facilities Co (BCFC) and Board Member and Chairman of the Executive Committee of SICO, Bahrain.

On his appointment as the CEO, Mr. Bucheery said: “BBK has a strong reputation as a preeminent innovative financial services provider. I am very proud of my appointment as the CEO for a leading commercial bank in Bahrain, and I will take it as a challenge in sustaining and improving the Bank’s competitive position and enhancing its retail franchise in the local and regional markets."

BBK has grown brighter with confidence, becoming the largest commercial bank in the Kingdom of Bahrain. Over 35 years, it has introduced cutting-edge technologies providing customers with a wide variety of products, ranging from individual banking services, treasury and investment, to innovative commercial-focused solutions.

BBK has succeeded in building a solid name and reputation, respected locally as well as internationally, and has branches overseas in State of Kuwait and Republic of India, as well as a representative office in Dubai. Looking ahead, it is also exploring other regional markets to expand on these successes.

As a market leader, BBK conceived the revolutionary ‘Financial Mall’ concept, providing customer-convenient services, personal financial advisors and queue beating automated systems. It also offers comprehensive e-banking solutions and provides new generation services through its user-friendly, award winning website.

Today, more people are turning naturally to BBK to make their banking brighter. www.bbkonline.com

CrediMax

Thu, 25 Oct 2007 09:35:11 GMT

Being the first credit card issuer in the kingdom of bahrain, CrediMax evolved to be a pioneering market leader in credit issuing and acquiring since issuing the first credit card in July 1991 as card centre at BBK.

Visit www.credimax.com.bh and learn more.

Alert - Protect Yourself

Thu, 25 Oct 2007 09:20:28 GMT

Dear BBK Internet Banking Users,

Please make sure you log into your BBK account ONLY directly from BBK's website www.bbkonline.com and not through links from emails - for your safety.

To learn more on how to protect your personal information, click on Alerts next to the login button.

For more information please call 17207777.

Year End Financial Results 2007

Wed, 24 Oct 2007 13:30:00 GMT

Click here to view Financial statement Years End

BBK reports a net profit of BD30.04 million, core earnings impacted by higher provisions.

Following Moody’s, Fitch also reaffirms its strong credit rating

The Board of Directors of BBK met on Sunday 3^rd February 2008 to review and approve the Bank’s financial results for 2007. Mr. Murad Ali Murad, Chairman of the Board of Directors, announced that the bank made a net profit of BD30.04 million for the year, which was 8.4% lower than the last year. While the bank’s core operating performance improved significantly during the year, the net results were impacted by exceptional provisions made against certain financial assets. Given the adverse conditions in the global financial markets, the bank has provided prudently against such assets using conservative assumptions for valuations.

The performance of the bank for the year was impacted by high exceptional provisions of BD23.2 million, offset to a certain extent by extraordinary income of BD 6.5 million on sale of acquired property as approved by the Board earlier in its meeting in October 2006. If these are excluded for the purpose of comparison, the core net profit for the year at BD46.7 million was higher by BD 13.9 million, or 42% compared to the last year.

The robust growth in core earnings was mainly driven by 20% growth in net interest income, as the underlying volumes increased. The net interest margins improved marginally, despite competitive pressure and bank’s prudent policies on credit, interest and liquidity risk. The bank’s core non-interest income at BD30.5 million, adjusted for income on sale of property, grew impressively by 37% compared to last year. The improvement was across the business activities, with foreign exchange, investment income, commercial fee income and card related income all showing a good growth.

The operating expenses for the year increased by BD4.0 million, mainly on account of investments being made under the strategic plan in building capabilities, developing new businesses and on development of bank’s human resources. However, the core cost to income ratio at just under 38% further improved as compared to the last year.

The bank’s balance sheet grew impressively to BD 2,093 million, an increase of BD400 million or 24% when compared to December 2006. This reflected a strong underlying business growth driven by increases in customer assets and deposits. Net loans and advances increased to BD1,127 million, a growth of 20%, while customer deposits increased by 25% to reach BD1,269 million. During the year, the bank has successfully concluded the issuance of subordinated debt amounting to USD275 million under its US$ 1 billion EMTN program launched in 2006 and raised new share capital of BD50 million through rights issue to support its business needs.

Based on the above results, the Board of Directors has decided to recommend a cash dividend of 27fils per share, along with 1 bonus share for every 20 shares held.

Commenting on the Bank’s results, Mr. A.Karim Bucheery, acting General Manager, said, “Notwithstanding the exceptional provisions we had to make during 2007, we are satisfied with the improvements in the bank's core profitability, with most business indicators showing an encouraging trend. The bank has made good progress in implementing its current corporate strategy, the results of which are beginning to flow through.”

“While the underlying performance of the bank has been good, the turmoil in the global financial market has impacted certain financial assets. As a matter of prudence, the bank has decided to conservatively provide against those assets, which had adversely impacted the financial results of the bank for the year”, he added.

Credit rating agency Fitch has recently affirmed BBK’s credit rating at Long-term Issuer Default rating (IDR) ‘A-‘ (A minus) with stable Outlook, Short-term IDR ‘F2’, Individual ‘C’, Support ‘1’ and Support Rating Floor ‘A-‘ (A minus). This follows Moody’s maintaining the credit rating of the bank in their credit analysis update report issued in December ’07. In affirming the ratings of the bank, Fitch has taken into account BBK’s good domestic franchise, satisfactory profitability, improving asset quality and adequate liquidity and capitalization, as well as extremely high probability of financial support the bank would receive, if needed.

Commenting on the Fitch Rating’s report, Mr. Bucheery said "We are pleased that Fitch has affirmed BBK’s credit ratings, given the current global financial markets environment. The bank has a solid domestic franchise and is well capitalized to support its business growth”.

Mr. Bucheery thanked the Bank’s shareholders and the Board of Directors for their continuous support, customers for their patronage and the employees for their commitment and hard work.

BBK branches and opening hours

Wed, 24 Oct 2007 12:44:40 GMT

Branch	Working Days	Morning Working Hours	Evening Working Hours
Saturday To Wednesday
Manama Exhibition Rd	Saturday, Monday, Tuesday	7:30 AM – 1:00 PM	5:00 PM – 6:30 PM
Manama Exhibition Rd	Sunday, Wednesday	7:30 AM – 1:30 PM	-
West Riffa	Saturday - Wednesday	7:30 AM – 2:30 PM	-
Hamad	Saturday - Wednesday	8:00 AM – 3:00 PM	-
Muharraq Souq Financial Mall		9:00 AM – 6:00 PM
Saturday To Thursday
Adliya Financial Mall Budaiya Financial Mall	Saturday - Thursday	8:00 AM – 8:00 PM
Sunday To Thursday
Muharaq Souq Waqif Central Market	Sunday, Tuesday, Wednesday	7:30 AM – 1:00 PM	5:00 PM – 6:30 PM
Muharaq Souq Waqif Central Market	Monday, Thursday	7:30 AM – 1:30 PM	-
Isa Town East Riffa	Sunday, Tuesday, Wednesday	8:00 AM – 1:00 PM	4:30 PM – 6:30 PM
Isa Town East Riffa	Monday, Thursday	8:00 AM – 2:30 PM	-
Main Branch	Sunday- Thursday	7:30 AM – 2:30 PM	-
Refinery	Sunday - Thursday	7:30 AM – 1:30 PM	-
Diplomatic Area	Sunday - Thursday	8:00 AM – 3:00 PM	-