Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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BBK (B.S.C.) (10YM)

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Monday 17 July, 2017

BBK (B.S.C.)

Half-year Report

RNS Number : 2687L
BBK (B.S.C.)
17 July 2017
 

BBK reports an increase in net profit attributable to shareholders to reach BD 32.2 million for the first half of 2017

 

The Board of Directors of BBK, Bahrain's pioneer in retail and commercial banking, yesterday announced a net profit attributable to owners of BD 32.2 million for the first half of 2017 compared to BD 29.8 million for the corresponding period of last year, an increase of 8.1%  after reflecting the restatement negative impact of BD 1.5 million on last year's comparable period financial results due to IFRS9 applications. The basic earnings per share for the first half of 2017 reached 27fils compared to 28fils during the same period of 2016. The financial results were reviewed and approved by the bank's Board of Directors during its meeting held on Monday 17th July 2017.

The Board of Directors commented on the results saying  "the strong financial results posted by BBK and the steady improvement across all performance measures are very satisfactory and in line with the bank's corporate plans for 2017 .  Despite the challenging and subdued operating environment, we remain optimistic and confident in BBK's ability to continue building that steady performance, enhancing shareholders' values".

Healthy growth across all income streams led to 7.5% increase in operating revenues to reach BD 70.3 million during the first half of 2017, compared to BD 65.4 million during the same period of 2016. Net interest income increased by 3.3% due to BBK's dynamic balance sheet management approach and adequate control over funding costs, supported by increase in global interest rates.  Similarly, Other income (consisting of fees and commissions, foreign exchange and investment income) improved by 16.5%, benefiting from the bank's income diversification initiatives and strong investments portfolio management. The bank's investments in associated companies and joint ventures continued to perform strongly, increasing the bank's share in their profits by 9.4% compared to the same period of last year.

BBK's continuous endeavor to develop its human capital and enhance its operations and delivery channels resulted in a moderate increase in operating costs of 3.6% for the first six months of 2017 to stand at BD 26.7 million (First half 2016: BD 25.7 million). Nevertheless, the cost to income ratio improved from 39.3% reported for  the first half of 2016 to 37.9% for  the current reporting period reflecting robust revenue generating capabilities and prudent control of operating costs.

In line with the bank's prudent policy of building adequate provisions to strengthen its  financial position and resilience, as well as the higher provisioning requirements mandated by the

 

 

Expected Credit Loss Model under IFRS 9, BBK increased its net provision reserves by BD 10.8 million during the first half of 2017 (First half of 2016: BD 9.4 million).

Total comprehensive income for the first half of 2017 attributable to owners increased from BD 13.7 million as of 30th June 2016 to BD 40.4 million, mainly due to improvement in the fair value reserve of investment securities and higher net profit during the current year.

For the three months ended on 30th June 2017, the bank achieved a net profit of BD 16.4 million compared to BD 15.2 million reported during the same period of 2016, an increase of 8.2%. This was attributable to a robust increase in operating revenues by 2.9% to BD 34.8 million on the back of 16.0% growth in other income to BD 11.4 million. Operating costs for the second quarter of 2017 amounted to BD 13.5 million compared to BD 12.7 million during the corresponding period of 2016, and net provisioning requirements stood at BD 4.6 million compared to BD 5.7 million during the same period of 2016.

Commenting on the bank's performance, Mr. Reyadh Sater, Chief Executive said "I am very delighted with the good  results achieved and the steady up-ward trend in profitability. This prosperous performance is a result  of BBK's prudent  strategic direction that fosters its market position and reflects its sustained culture of operational excellence and superior customer services. BBK continues to perform very well in the domestic market and our regional and international diversification initiatives are progressing as planned and adding to our growth momentum. During the first half of 2017, we received the final regulatory approvals for our joint-venture investment firm in London "AEGILA Capital Management Ltd", appointed the management team and the firm will very soon start its activities in the global financial center of London. We expect that this joint venture to enhance the products offering to our customers, and provide them with first class investment opportunities in the British Market. In the local market, and continuing with our customer-centric approach, we launched several campaigns during the second quarter of 2017 to provide our customers access to financial services and products at very competitive prices, and rewarded their loyalty with generous prizes including a second instant millionaire. I would like to take this approach to thank our customers for their loyalty".

BBK's balance sheet stood at BD 3,494.0 million as of end of June 2017,  5.6% lower than similar period of last year  due to the bank's  strategic directions toward  more efficient and dynamic approach in managing its  balance sheet . Core lending and investing activities remained robust with net loans and advances standing at BD 1,695.5 million (December 2016: BD 1,767.1 million) and Investment securities standing at BD 765.5 million (December 2016: BD 768.1 million). Treasury bills portfolio amounted to BD 415.9 million (December 2016: BD 401.6 million). The bank's liquidity and funding positions remained at very comfortable levels with a liquid assets portfolio  (consisting of cash and balances with central banks, deposits with banks and other financial institutions, and treasury bills) of 26.0% of total assets, a strong customer deposits base of BD 2,171.4 million and a loans to customer deposits ratio of 78.1%.  Total equity attributable to owners reached  BD 477.3 million as of 30 June 2017 with a capital adequacy ratio that is well above minimum regulatory requirements.

During the same meeting, the Board discussed other important issues on its agenda such as the review of the Bank's strategic initiatives for the years (2016-2018), its technological strategies for the upcoming periods, the quarterly liquidity report, the half yearly investment portfolio performance,  and some of the risk management policies. The Board of Directors has also reviewed the Board Charter and the Board Committees' terms of reference and other policies, in addition to the review and approval of the terms of reference of the newly established "Independent Directors Committee", with the objective of effective decision making.

 

The discussion of these items is due to the Board of Directors' diligence in directing the Bank towards greater growth and success.

 

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About BBK

BBK has been the pioneer in Commercial Banking for 46 years in the Kingdom of Bahrain. As a revolutionary market leader, BBK has built a name and reputation which is respected locally as well as internationally. To maintain this reputation, BBK has been at the forefront, incorporating the latest technologies to provide the finest services. One example of which is the e-banking solutions offered by BBK, which provide new generation services through its user friendly award winning website www.bbkonline.com, along with the telebanking, cash depository machines and automated teller machines services. BBK is proud to be honored for its Corporate Governance by the "Hawkamah" Institute for the 4th consecutive year. This award has become a prestigious, competitive and highly coveted bank award that highlights the industry's strong commitment to good corporate governance. Aside from many industry related awards, BBK is ISO 27001 & ISO 22301 certified for its Information Security Management System (ISMS) and Business Continuity Management System (BCMS).

 

 

 

For Media Enquiries, you may contact:

Dalal Al Absi

Corporate Communications Specialist

Human Resources and Administration

P.O. Box : 597, Manama - Kingdom of Bahrain

Tel: +973 17207512 | Fax: +973 17215587

E-mail: [email protected] | www.bbkonline.com

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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