Alubaf Arab International Bank Net Profit was US$ 17,935 thousand for the fourth quarter 2019, as compared to US$ 2,997 thousand for the same period, last year 2018, signifying an increase of 498 %, mainly attributed to reversal or write back of provisions for credit losses, on recovery of past dues.
Earnings per share was US$ 3.59, in fourth quarter 2019, as compared to US$ 0.60 for last year same period.
Total comprehensive income was US$ 21,727 thousand for the fourth quarter 2019, as compared to US$ 2,437 thousand for the same period last year 2018, which is an increase of 792%.
As a result of fourth quarter 2019 results, the Bank’s net profit surged for the year ended 31 December 2019 to US$ 28,741 thousand, a growth of 92% over previous year net profit of US$ 15,000 thousand.
Correspondingly, the earnings per share increased to US$ 5.75 at year end 31 December 2019, compared to US$ 3.00 at last year end 2018.
Total Comprehensive income for the year ended 31 December 2019 was US$ 37,957 thousand, as compared to US$ 8,832 thousand for last year 2018, reflecting an increase of 330%.
Although, overall operating income before provisions declined in 2019, mainly due to increase in interest expenses and decline in fee and commission income, the concerted effort of the Bank on recoveries on past due facilities, resulted in a substantial write back of provision for credit losses, which significantly contributed to the increase in net operating income.
Total equity increased to US$ 331,024 thousand at 31 December 2019, from US$ 298,067 thousand at end of 2018, an increase of 11% and Total assets grew to US$ 1,153,997 thousand, from US$ 1,104,888 thousand, an increase of 4%, year on year.
Board of directors, in their meeting held on 10th February 2020, have proposed dividend at 6% of the paid up capital, which is US$ 3 per share for the year ended 31 December 2019, which is subject to due approval of regulator and shareholders at Annual general meeting.
Chief Executive Officer, Mr. Hasan Abulhasan, expressed that the Bank is positioned well for challenges faced by Banking industry, in an ever changing economic scenario and thanked all stakeholders and the Central Bank of Bahrain for their continued support.