Bahrain Development Bank Continues record of growth in business & profits

Bahrain Development Bank (BDB), the Kingdom’s development bank and leading provider of financial and incubation services to SME’s continued its relentless support for the sector. For the HY ended June 30, 2021, the Bank extended 281 financing facilities aggregating to BD 9.6 million of which 81 were for new units. In addition, the bank allowed deferment of instalments to 585 customers amounting to BD 48.2 million in line with CBBs guidelines. This deferment provided relief to numerous SME’s which were affected by Covid-19 Pandemic.

The facilities extended is expected to facilitate the creation of 173 new jobs and value addition of BD 5.9 million. Of the facilities extended 45 were to women & youth, and 32 were under the Fisheries, Agriculture & Education Schemes.

The financial performance of the Bank recorded substantial improvement despite the very tough operating environment on account of the pandemic. Net Profit for the quarter ended June 30, 2021 was higher at BD 364K (Q1 2021 – BD 301K) and cumuative profit for the half year rose to BD 665K as against BD 48 K during the corresponding period in previous FY. Total Assets (BD 226.3 million) remained more or less at same level as that at the end of the Prev.FY. (BD 226.5 million) The Bank continues to maintain good liquidity and has a very healthy Capital Adequacy Ratio (CAR) of 64.3%

Mr. Sanjeev Paul, Group Chief Executive Officer of BDB Group informed that the performance of the Bank during the first HY was as on account of an effective strategy adopted by BDB in tune with the changes in the operating environment. This was a clear indication of the bank’s ability to adapt to the changes and its commitment to the SME’s. He added that the Digital Transformation Strategy currently being implemented, will further extend the Bank’s reach and support to the Kingdom’s SME community while substantially enhancing our customers’ banking experience

Mr. Paul concluded by expressing gratitude to the Government of the Kingdom, CBB, Tamkeen,our customers and other stakeholders for their support. He also thanked the Chairman and the Board of Directors for their able guidance and to the Senior Management & Staff for their hard work and commitment.