Following is the summary results for fourth quarter (Q4) and full year 2020:
Alubaf Arab International Bank’s Net Profit was US$ 4,087 thousand for the fourth quarter 2020, as compared to US$ 17,935 thousand for the same period, last year 2019, which is a decrease of 77.2 %, mainly attributed to reversal or write back of provisions for credit losses, on recovery of past dues, which was recorded in previous year ended 2019.
Earnings per share was US$ 0.82, in fourth quarter 2020, as compared to US$ 3.59 for last year same period.
Total comprehensive income was US$ 7,497 thousand for the fourth quarter 2020, as compared to US$ 21,727 thousand for the same period last year 2019, which is a decrease of 65.5%.
Financial year 2020:
As a result of fourth quarter 2020 results, the Bank recorded a consolidated net profit of US$ 22,113 thousand for the year ended 31 December 2020, which is a decrease of 23%, as against previous year US$ 28,741 thousand.
Correspondingly, the earnings per share decreased to US$ 4.42 at year end 31 December 2020, compared to US$ 5.75 at last year end 2019.
Total Comprehensive income for the year ended 31 December 2020 was US$ 18,351 thousand, as compared to US$ 37,957 thousand for last year 2019, reflecting a decrease of 51.7%.
Nevertheless, the Overall operating income before provisions increased for 2020 by 2.8% compared to 2019, mainly driven by Fee and commission income, which recorded a year on year increase, due to trade finance activity and other income of US$ 5,786 thousand, which comprised of recovery from prior year’s written off facilities.
Total equity increased to US$ 334,375 thousand at 31 December 2020, from US$ 331,024 thousand at end of 2019, an increase of 1% and Total assets marginally decreased by 0.8% from US$ 1,153,997 thousand in 2019 to US$ 1,145,242 thousand at 31 December 2020.
The Bank’s Board of directors, in their meeting held on 15th February 2021, have proposed dividend at 5% of the paid up capital, which is US$ 2.50 per share for the year ended 31 December 2020, 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 and despite COVID-19 pandemic, the Bank continued its uninterrupted service to customers and adapted well to the ever changing economic scenario. Mr. Hasan, conveyed thanks to all stakeholders and the Central Bank of Bahrain for their continued support.