Bahrain Development Bank posts 109% net profit growth
Bahrain Development Bank (BDB), the kingdom's leading institution dedicated to supporting small and medium enterprises (SMEs), has announced its financial results for the first quarter of 2025, reporting strong performance and notable growth across key financial indicators.
The bank recorded a net profit of BD350,000, compared to BD167,000 during the same period in 2024 – representing an impressive 109 per cent increase year-on-year.
BDB's income from Islamic financing and interest rose by 3pc, reaching BD2.49 million, compared to BD2.419m in Q1 2024.
Meanwhile, net income from Islamic financing and interest grew by 11pc, totalling BD2.027m versus BD1.822m for the same period last year.
Total operating income stood at BD2.776m in Q1 2025, up 20pc from BD2.311m in Q1 2024 - highlighting BDB's continued ability to generate returns and deliver sustainable value.
Commenting on the results, Bahrain Development Bank Group chairman Ghassan Ghaleb Abdulaal said: 'This remarkable growth reflects the effectiveness of our resource management strategy and the diversification of our financing portfolio. We continue to enhance our services and products to meet the evolving needs of entrepreneurs and emerging businesses. Our commitment remains strong to providing innovative financial solutions and developing digital tools that keep pace with the rapid changes in the financial sector, while strengthening our governance and sustainability practices.'
Bahrain Development Bank Group chief executive Dalal Al Qais added: 'We are proud to have achieved this exceptional performance, with net profits growing by 109pc in the first quarter of the year - exceeding expectations. This milestone is a testament to the ongoing support from our board of directors and the dedication of our entire team, who are the driving force behind the bank's success. We reaffirm our commitment to fostering an enabling financing environment that empowers the SME sector and drives economic development.'
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
44 minutes ago
- Arabian Business
Al Salam Bank offers three dedicated ‘Eid ATMs' in key Bahrain malls
Bahrain's Al Salam Bank will operate special ATMs during Eid Al Adha celebrations. These dedicated ATMs for Eid 'Ayadi' withdrawals will be used in three major shopping malls in the country as a direct response of the bank to client feedback. For three days starting from 3 June, these special ATMs will be available at select locations in Marassi Galleria, City Centre Bahrain, and The Avenues Mall. Special Eid ATMs It will allow Al Salam Bank debit cardholders to conveniently withdraw new banknotes in smaller denominations, specifically BD1 and BD5, tailored to the festive gifting traditions during Eid. By placing these ATMs in strategic, high-traffic mall locations, the bank offers clients greater flexibility and convenience without the need to visit branches to withdraw new banknotes. It will also help reduce in-branch traffic during peak holiday periods. Each ATM will clearly indicate the available denominations, ensuring a smooth and user-friendly experience. Mohammed Buhijji, Head of Retail Banking at Al Salam Bank, commented: 'At Al Salam Bank, we remain focused on delivering meaningful solutions that enrich our clients' banking experience, particularly during important social and religious occasions. 'The introduction of dedicated Eid 'Ayadi' ATMs is a timely response to client demand and a continuation of our mission to provide efficient, convenient, and accessible services that complement our clients' lifestyles, and help reduce the need for branch visits during high-traffic periods.'
Zawya
44 minutes ago
- Zawya
Scientific and Medical Equipment renews $76mln credit facility with BSF
Scientific and Medical Equipment House Company has renewed a Shariah-compliant credit facility of 284 million Saudi riyals ($75.70 million) with Banque Saudi Fransi (BSF). The facility will be used to finance ongoing and future projects, issue bank guarantees, and cover letters of credit, the company said in a statement to the Saudi stock exchange. The collateral includes contract proceeds and promissory notes worth SAR 284 million. The facility will mature on April 30, 2026, the statement said. (Editing by Seban Scaria
Zawya
44 minutes ago
- Zawya
Abu Dhabi's Al Seer Marine sets up tanker JV, secures $57mln ADCB term loan
Abu Dhabi's Al Seer Marine, a subsidiary of International Holding Company (IHC), has set up a joint venture (JV) with B International Shipping & Logistics that will own and operate liquefied petroleum gas (LPG) and product tankers. The JV, ASBI Shipping, acquired two LPG tankers backed by a 10-year charter with BGN INT DMCC, a subsidiary of BGN, in a deal that guarantees 660 million dirhams ($180 million) in revenue through 2035, the ADX-listed shipper said. Abu Dhabi Commercial Bank (ADCB) has provided AED 210 million in senior secured term financing with a seven-year tenor, secured against the vessels and their cash flows. Al Seer Marine's portfolio includes commercial shipping, yachting, boat building, unmanned vessel platforms and capabilities, and cutting-edge technological innovations. (Writing by Brinda Darasha; editing by Seban Scaria)
