Mubasher: Bank of Bahrain and Kuwait (BBK) will continue further diversification and expansion abroad to support its long-term growth, said the top executive.
CEO Abdulkarim Bucheery stated in a statement posted on bourse website that the three basic elements of bank’s new strategy are: strengthening the bank's position in Bahrain, developing dutiable activities (non-lending) and rationalising the bank’s international network by diversification and expansion in new markets.
He added: "Despite the unfavorable conditions that prevailed all the year, the bank faced and overcame many challenges.”
The bank’s financial statements announced today revealed net profit growth by 1.6% to BHD13 million during the fourth quarter of 2015, compared to BHD12.8 million in Q4-14.
BBK’s profits increased to BHD53.2 million during 2015, up 6.2% from t BHD50.1 million achieved in 2014.
The CEO confirmed that the bank developed its balance sheet, improved asset quality and strengthened liquidity.
The board of directors recommended cash dividends at 25 fils per share, pendingthe approval of the Central Bank of Bahrain and shareholders.
