Alubaf Arab International Bank (the “Bank”) and its subsidiary (together the “Group”), recorded a consolidated net profit of US$ 22.7 million for the year ended 31 December 2021

Following are the summary results for the fourth quarter ended 31 December 2021 (Q4) and full year ended 31 December 2021:

Monday, 28th February 2022

Following are the summary results for the fourth quarter ended 31 December 2021 (Q4) and full year ended 31 December 2021:

Q4 2021:

The Group’s net profit amounted to US$ 14,099 thousand for the Q4 2021, as compared to US$ 4,087 thousand for the same period during the prior year 2020, which is an increase of 245%, primarily attributable to the reversal or write back of provisions for credit losses on partial recovery of past due balances during the year 2021.

Earnings per share amounted to US$ 2.8, for Q4 of 2021, as compared to US$ 0.82 for same period in the prior year.

Total comprehensive income amounted US$ 11,835 thousand for Q4 of 2021, as compared to US$ 7,497 thousand for the same period in the prior year, amounting to an increase of 58%.

Financial year 2021:

As a result of the 2021 fourth quarter results, the Group recorded a consolidated net profit of US$ 22,732 thousand for the year ended 31 December 2021, which represented an increase of 3%, as opposed to prior year’s net profit of US$ 22,113 thousand.

Correspondingly, the earnings per share increased to US$ 4.55 for the year ended 31 December 2021, compared to US$ 4.42 for the prior year ended 2020.

Total Comprehensive Income for the year ended 31 December 2021 amounted to US$ 18,026 thousand, as compared to US$ 18,351 thousand for the prior year 2020, reflecting a decrease of 2%.

The Overall operating income before provisions decreased by 21% for the year 2021 as compared to 2020, mainly driven by recovery of written off facilities in 2020

Total equity increased to US$ 339,901 thousand at 31 December 2021, from US$ 334,375 thousand at end of 2020, an increase of 2% and total assets increased by 9% from US$ 1,145,242 thousand at end of 2020 to US$ 1,253,144 thousand at 31 December 2021.

The Bank’s Board of directors, in their meeting held on 23rd February 2022, have proposed dividend at 5% of the paid-up capital, amounting to US$ 2.50 per share for the year ended 31 December 2021, which is subject to due approval of the regulator and the Bank’s shareholders at the upcoming Annual General Assembly meeting.

The Bank’s External auditors, Ernst & Young, has expressed an unqualified opinion dated 23rd February 2022, on the Group’s consolidated financial statements for the financial year ended 31 December 2021.

The Bank’s Chief Executive Officer, Mr. Hasan Abulhasan, expresses that the Bank maintains adequate capital levels and is well positioned for the challenges faced by the Banking industry. Despite the continued effects of the COVID-19 pandemic on the global economy, the Bank continued to provide uninterrupted services to its customers and exercised effective corporate governance that enabled it to adapt well to the ever-changing economic scenarios.

Mr. Hasan, expresses his gratitude to all the stakeholders and the Central Bank of Bahrain for their continued support and also extends his appreciation to all the Bank’s employees for their professionalism and commitment for the Bank’s continued growth and progress.

ALUBAF Arab International Bank uses cookies on this website. They help us to remember you and how you use this website, which improves your browsing experience. They are stored locally on your computer or mobile device. To find out more about cookies we use, see our Cookies Notice.