The gross net profit of companies listed on the Bahrain Bourse increased by 62.4 percent year on year to $943.3 million in the second quarter of 2022, following net profit growth in four major market segments during the quarter.
In Q2 2022, the basic materials sector had the highest growth rate in total profits among market sectors.
Alba, the only company in the materials sector, reported a Q2 2022 net profit of $482.6 million registering a 96.5 percent y-o-y increase from its Q2-2021 net earnings which stood at $245.6 million.
The aluminum smelter’s quarterly profits boost was mainly driven by higher London Metal Exchange (LME) prices.
In the banking sector, Ahli United Bank (AUB) and National Bank of Bahrain posted robust Q2-2022 net profits pulling up the total net profits of the sector during the quarter which witnessed a 39.8 percent overall increase to $353.2 million.
Meanwhile, the National Bank of Bahrain (NBB) reported a Q2-2022 net profit of $53 million, a 34.2 percent y-o-y rise from its Q2-2021 net profit of $39.5 million.
NBB’s improved profitability was driven by strong business fundamentals supported by higher net interest income due to higher loan volumes in the group’s key segments.