GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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Ticker Price Volume
GFH 0.46 3,578,848
BKSB 0.14 275,822
DSI 0.39 45,711,538
ALINMA 16.5 3,084,810
DAMAC 3.84 686,475
ALKHODARI 10.04 34,083
DANA 0.6 9,001,191

Bank of Bahrain & Kuwait

Source: Taib Bank

GCC FIRST REACTION REPORT

For the period ended September 30, 2008, BBK’s net profits declined 21.9% to BHD 20.10 million as compared to BHD 25.73 million in 9M07, mainly impacted by a net loss of BHD 4.07 million during 3Q08 as against a net profit of BHD 6.25 million in 3Q07. The reported loss was on account of a 160.0% increase in net provision for impairment on non-trading investment securities of BHD 16.64 million as against BHD 6.40 million in 3Q07. BBK maintains that this provision was a prudent response to the adverse economic environment. Interest income during 9M08 slipped 11.6% to reach BHD 82.08 million compared to BHD 92.90 million during the same period in 2007, whereas interest expense fell more sharply by 24.7% to reach BHD 41.99 million. This took net interest income up by 8.0% to BHD 40.09 million. Profits were further driven by growth in other operating income, which surged 76.5% to hit BHD 33.51 million.

As part of the other income, the lender received dividend income of BHD 2.6 million during 9M08 and a one-off exceptional income of BHD 2.8 million from the bank’s interest in VISA, which underwent corporate restructuring and IPO during the period. During the same period, staff costs scaled 16.1% to reach BHD 15.40 million as part of the bank’s efforts to offer benefits in line with competing banks.


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