BBK reports increase in net profits for 9 months ended Sept. 30

Commercial banking innovatory BBK's Board of Directors released their financial results Tuesday of the nine month period ending Sept. 30.

The results showed a net profit of $40.3 million, an increase of 8 percent over last year's $37.3 million over the same period.

"We are satisfied with our financial results for the nine months of the year," Murad Ali Murad, chairman of BBK's board of directors, said. "Our strong and stable financial footing has enabled us to stay committed to our customers while investing in targeted growth opportunities, delivering sustainable growth, managing risk, and improving long-term financial performance and returns for our shareholders."

The growth in net profits was primarily derived through fees and commission income.

By the end of the third quarter of 2015, the bank increased its provisions reserve, including voluntarily general provisions, by $14.3 million.

For the three months ended 30 September 2015, the bank reported a growth in net profit of 7.5 percent to reach $10.9 million, up from the $10.2 million reported for the same period in 2014.

"Our successful strategic plan continues to drive and flourish BBK's sustainable growth and yields positive results year after year," A.Karim Bucheery, BBK chief executive, said. "Challenges have increased with the lower oil price; however, we are fortunate that our strategy has situated us in a place that would enable us to avoid any drastic changes by creating a clear direction, solid foundation, and provides agility in a rapidly changing world."