National Bank of Bahrain gains as net profit increases slightly
- Bahrain: Monday, January 21 - 2013 at 16:16
In Manama, the Bahrain All-Share Index fell 0.61% to 1,074.17 points. Arab Banking Corp. or ABC (off 9.78%) and Bahrain Telecom (one percent lower) dragged the gauge down. National Bank of Bahrain, known and branded as NBB, bucked the trend by closing 3.77% higher at BD0.55. Earlier in the day, NBB said the net profit for 2012 was BD47.50m ($126.33m), representing an increase of 4.1% over 2011. The board of directors proposed a dividend of 35% (25% cash plus 10% stock) compared to 30% in 2011. NBB's Q4 profit surged 8.1% year-o-year. NBB said that "strong growth in revenue and careful expense management resulted in an operating profit before provisions of BD59.27m ($157.62m) for 2012, an increase of 11.2 % over 2011."
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