Bahrain Development Bank (BDB), the Kingdom’s specialist Bank for Small and Medium Enterprises (SMEs), emphasized its commitment to continue supporting the SME sector on the path to recovery from the global pandemic. The Bank announced that during the first quarter of 2021 it has extended 153 financing facilities to new and existing SME’s.
These facilities totaling to BD 6.09 million are expected to facilitate the creation of 100 new jobs. Included in this are facilities totaling to BD 371k under the “BDB-Riyadat Scheme” to support women owned enterprises. Additionally, facilities totaling to BD 157k were provided under the Fisheries & Agriculture Scheme. In line with Central Bank of Bahrain directives, the Bank also deferred payment instalments falling due from January 1, 2021 to June 30, 2021 for all eligible applicants of this program.
The Bank reported a net profit for Q1 2021 of BD 301k and continues to maintain healthy Capital Adequacy Ratio (CAR) of 62.45% . The Bank maintains a prudent level of credit impairment coverage to ensure sustainability over the long term.
Commenting on the bank’s performance, Mr. Sanjeev Paul, Group Chief Executive Officer of BDB Group, said: “The pandemic has had a significant negative impact on all businesses. The impact has been especially severe for SMEs which tend to be the most vulnerable. With the support of its various stakeholders, BDB continues to strive to support Bahrain’s SMEs and entrepreneurs to weather this difficult environment”.
“The group was quick to respond to changing market and customer needs and is fast tracking its digital transformation strategy, which is expected to be completed during 2021. This will further enhance our ability to support the Kingdom’s SME community and further improve our customers’ banking experience.”
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Last Updated: 14 Jun 2021