Ministry of Education

University of Bahrain
College of Business Administration
Department of Economics and Finance

FIN 323: Analyzing the Financial Condition of GFH

and NBB Banks in Terms of Profitability and Risk

Names IDs

SAYED HASAN TAQI JAAFAR ALMOSAWI 20192907

ABBAS ISMAEEL EBRAHIM ALWADI 20195537

ALI YUSUF ATEYA KADHEM 20195963

SAYED MOHAMED FADHEL KHALAF KHALAF 20196082

AHMED MOHAMED AHMED ABDULREDHA 20196524

HASAN MOOSA ABDULNABI ALMAHAL 20196531

SAYED MAHMOOD MOHAMED HASHEM ALMOOSAWI 202002430

SHARIFA SAYED MOOSA ADNAN ALMOZAYEN 202002937

SHAIKHA MOHAMED 202005000

MARYAM KHALID ALI ALKHENA 202007047

ABDULAZIZ MOOSA ABDULAZIZ ALFANDI 202008523

SUBMITTED TO: DR. USMAN BASHIR

SECTION: 01 Date: 30th of July 2022
Table of Contents
1. An Overview of the Two Banks...............................................................................................2
Introduction................................................................................................................................2
....................................................................................................................................................3
Corporate Social Responsibility..............................................................................................5
2. CAMEL Analysis of the Two Banks........................................................................................9
2.1. Capital Adequacy...............................................................................................................10
2.2. Asset Quality.....................................................................................................................12
2.3. Management Competence..................................................................................................13
2.4. Earnings Ability.................................................................................................................13
2.5. Liquidity Risk Liquidity....................................................................................................16
3.Conclusion................................................................................................................................17
References...................................................................................................................................18

Page 1 of 22
1. An Overview of the Two Banks
Introduction

The National Bank of Bahrain (NBB) and Gulf Finance House (GFH) will be compared
in this thesis/report along with their histories, organizational structures, and corporate
social responsibilities using financial statements and secondary data from the bank’s
websites, articles, and published financial statements.

 National Bank of Bahrain

As the country of Bahrain's first indigenous bank, the National Bank of Bahrain (NBB)
was founded in 1957 and has headquarters in Manama Bahrain it is owned by local
shareholders. As a Bahraini mark, the largest network of branches and ATMs in the
Kingdom. the bank consists of a wide network that includes 25 branches and 93 ATMs.
The bank sets a strategy for expansion and prosperity and the opening of a branch in
Dubai after the bank succeeded in opening branches in both Riyadh and Abu Dhabi. The
Bank operates in three different countries, namely the Kingdom of Bahrain, the Kingdom
of Saudi Arabia, and the United Arab Emirates. The goals of NBB are to improve the
quality of life for future generations, maintain a constant connection with their customers,
recognize their needs, and meet those needs in a way that benefits the customer. Having
branches in Riyadh and Abu Dhabi has helped NBB lead the way in pursuing commercial
possibilities locally, regionally, and worldwide. NBB can open doors for innovation and
convenience for local and regional consumers since it has Bahrain's largest network—27
branches and more than 100 ATMs.

Board of Directors of National Bank of Bahrain

The executive management team, led by Chief Executive Officer Jean Christopher
Durand, has years of experience in the financial business, strong ties to the community,
and competitive abilities that have helped them maintain their position as market leaders
in the banking sector. The board, which is answerable to shareholders and stakeholders,
also supervises top management, provides leadership, and upholds the company's basic
principles with Mr. Farouk Yousuf Khalil Al Moayyed as chairman.
Page 2 of 22
 Jean-Christophe Durand
Chief Executive Officer
of NBB

Mr. Fa
Mr. Farouk Yousuf DR. Esam Abdulla Mr. Fawzi Ahmed Ali
Khalil Almoayyed Yousif Fakhro Kanoo
Deputy Chairman Deputy Chairman
Chairman

Sh. Rashid Bin Ms. Hala Ali Husain Mr. Mohamed Tareq
Salman Mohamed Al Yateem Mohamed Sadeq
Khalifa Director Akbar
Director Director

Page 3 of 22
Mr. Rishi Kapoor Mr. Yusuf Abdulla Zaid Khalid
Yusuf Akbar Alireza Abdulrahman
Director Director Director

The Bahrain Bourse has a strong local stakeholder profile for NBB where NBB's stocks
are traded on the Bahrain Bourse under the symbol NBB, which is openly traded there.
Private and institutional investors own 44.94 percent of the company, Bahrain
Mumutalakat holding company, which is fully owned by the Bahraini government, owns
44.18 percent, and the social insurance organization SIO) owns 10.88 percent. As a result
of strategic development growth and its position in the Islamic Banking market, NBB is
also a majority shareholder in Bahrain Islamic Bank (BISB), which makes it more
relevant in Sharia-compliant industries and regions.

Corporate Social Responsibility

In addition, NBB is dedicated to the idea that company development must consider each
member of the community in order to be socially responsible. NBB wants to create an
environment where every member of the community has the chance to create a future that
is safe, secure, and happy. This goal goes beyond only banking services. Several aspects
of belief were taken into consideration by NBB. The first was the belief in community
development. Since NBB was founded in 1957, they have remained at the center of the
community and are committed to supporting the social welfare of the nation and
improving the lives of people because it is their privilege to serve the community in ways
other than banking. The second is a belief in sustainability. NBB has consistently worked
to create a culture that emphasizes the fact that their success is entirely dependent on their
clients and the community. As a result, over the years, society has demanded that
businesses operate in a more sustainable way, and NBB has responded by engaging in
charitable giving and volunteer work. Thirdly, because of their commitment to social
investment, NBB has been allocating 5% of their net annual earnings to programs and

Page 4 of 22
initiatives that advance social welfare since 1980. They do this because they feel that the
community should share in the rewards of their success. Additionally, they offer Bahraini
University of Bahrain students summer internship training. In 2016, they contributed
more than BD 1 million to social welfare activities. Finally, NBB is dedicated to finding
ways to give the underprivileged access to a more secure future. To this end, they have
created forums, discussion groups, and seminars. NBB is proud of their employees who
make significant contributions and volunteer their time to share their skills, knowledge,
and experience with all community members.

Comparison between the financial statements of 2019,2020,2021

 All figures are in BHD millions

From the above graph, we can note that the total asset of NBB in 2019 was the lowest
and increased in the following two years due to the economic recovery. And it is a sign
that the bank is growing. bank grows assets by making more loans (Commercial, credit
card, mortgage) which appear on its balance sheet.

Page 5 of 22
We note that the differences in the total equity are slight, but there is an increase from
2020 to 2021 and this increase may be due to the Issuance of new shares or stock. If the
bank receives donations of capital from shareholders or other parties, this also increases
the total equity when the bank doesn’t pay out dividends and retained the earnings
instead. The improvement of the economy and reduction of government regulations
imposed encourage investors to buy more shares.

Loans are the first category of bank assets but due to the global pandemic that the world
was going through which consider a systematic risk where it affects the whole economy
we can note that the loans during 2019 were the lowest, depending on the economic
conditions at that time, so investors and households tend not to borrow in such
circumstances, and then we witness a rise in loan numbers during the following two
years.

 Gulf Finance House

Gulf Finance House was founded in the Kingdom of Bahrain in 1999 with permission
from the Bahraini Central Bank. Over US$8 billion has been invested in Gulf Finance
House since its inception. The bank conducts business in accordance with Islamic
Sharia's tenets, including commercial transactions and financial services investment, real

Page 6 of 22
estate and infrastructure, negotiable financial instruments, as well as structured finance,
securities, and liquidity management intended to maximize returns for investors. In 2004,
Gulf Finance House was converted into a public shareholding company, and as a result,
its shares were listed on the stock exchanges in Bahrain, Dubai, and Kuwait. GDRs
issued by Gulf Finance House were listed on the London Stock Exchange in 2007. When
Gulf Finance House switched from being an investment bank to a financial group in
November 2014, it unveiled a new brand. The organization adopted the moniker GFH
Financial Group. The business lines of GFH include commercial banking operations as
well as financial and investment services. Real estate development, commercial banking,
wealth management, and asset management are among GFH's many pursuits. Corporate
Investment and Real Estate Investment are the two divisions under which GFH divides its
asset management activities ("GFH Financial Group", 2022) ("About GFH", 2022).

An Islamic investment bank with its main office in Bahrain Financial Harbour is called
GFH Financial Group, formerly known as Gulf Finance House. Member, Chief Executive
Officer (CEO) and Executive Director for the Group is Hisham Alrayes having more than
23 years’ experience. Hisham was recognized as "Investment Bank CEO of the Year" at
CEO Middle East in 2019 and ranked among the top CEOs in Financial Services &
Investments in 2019 also. The GFH Financial Group is being led by Hisham Alrayes in
order to achieve its vision of becoming the most recognizable, diversified financial group
in the area and one that offers an exceptional platform for providing top-notch wealth
management, commercial banking, and asset management services ("Hisham Alrayes",
2022).

What GFH Financial Group do?

Real estate development projects:

With assets in the GCC region, the broader MENA region, and Asia, Gulf Finance House
successfully launched a number of infrastructure and real estate projects with an

Page 7 of 22
estimated total development end value exceeding US$20 billion. This was accomplished
by starting and overseeing infrastructure projects as well as by using a wealth of land to
create popular real estate destinations like Bahrain Financial Harbour, The Harbour Row,
and Royal Parks Marrakech ("Real Estate Development", 2022).

Treasury & Asset Management:

Our asset management portfolio is made up of a variety of assets from GFH's financial
services, education, leisure, and hospitality sectors. Some of their treasury and asset
management include the GFH Sukuk Fund, Balexco, and Cemena Holding Company. We
chose these assets with the goal of maximizing profits and improving value creation
opportunities for our shareholders ("Treasury & Asset Management", 2022).

Investment Management:

With a steadily expanding array of assets and services, Gulf Finance House is expanding
on its success as a regional leader in investment management. The goal of the investment
management team at Gulf Finance House is to find, oversee, and realize investments that
meet or exceed benchmark returns, with a focus on private equity, real estate, and private
credit ("Investment Management", 2022).

Khaleeji Commercial Bank:

The goal of KHCB, a commercial bank owned by Gulf Finance House Group, is to help
its clients realize their goals through an Islamic banking model that provides both
individuals and businesses with a wide array of high-quality, Shari'a-compliant products
and investment opportunities ("Commercial Banking", 2022).

At the end, according to Gulf Finance House Group's financial statements, the company
has US$15 billion in total assets and assets under management, US$2.8 billion in money
market funds raised, and US$8.08 billion in total assets. Ending in 2021, the company
will have an income of US$397.75 million, a treasury portfolio worth US$3.09 million,
total assets worth US$8.08 million, total liabilities worth US$5.5 million, and total
owners' equity worth US$1.16 million ("GFH Annual Report", 2022).

Page 8 of 22
2. CAMEL Analysis of the Two Banks

The CAMEL Rating System was created in the United States as a supervisory rating
system to analyze the overall health of a bank. CAMEL is an amazing option for the five
factors that go into the ranking. The CAMEL rating, unlike other regulatory ratios or
ratings, is not made public. Only senior management uses it to understand and control
potential hazards. The CAMEL Rating System Is Effective Each category is assigned a
score ranging from one to five. One is the highest possible score, indicating that the
institution has good performance and risk management processes. Five is the lowest
possible rating. It signifies that there is a strong likelihood of bank failure and that quick
action is required to remedy the situation. A composite rating is assigned to an institution
if its present financial situation falls between 1 and 5(Corporate Finance Institute, 2020).

2.1. Capital Adequacy

First, what is Capital Adequacy is to measure the financial strength of the bank by
measuring the capital and assets of the bank.

Using a bank's capital and assets, the capital adequacy ratio (CAR), also known as the
capital to risk-weighted assets ratio, gauges the health of a bank's finances. and it makes
It serves to safeguard depositors and advance the global financial systems' dependability
and effectiveness (Beers, 2021).

The capital adequacy ratio (CAR), which is expressed as a percentage of a bank's risk-
weighted credit exposures, calculates how much capital a bank has available. The goal is
to show that banks have enough capital on hand to absorb a specific level of losses before
running the risk of going bankrupt is divided into two categories. Tier-1 capital includes
equity and reported reserves, and Tier-2 capital is additional capital retained as part of a
bank's needed reserves. A bank is thought to be over the minimum requirements to signal
solvency if its capital adequacy ratio is high. Therefore, a bank is more likely to be able
to absorb a financial crisis or other unforeseen losses the greater its CAR, A bank with a
high capital adequacy ratio is typically regarded as secure and likely to fulfil its financial
obligations (Beers, 2021).

Page 9 of 22
Method of Calculation

To get a bank's capital adequacy ratio, divide its capital by its risk-weighted assets. Two
layers of capital are employed to determine the capital adequacy ratio (Beers, 2021).

Level One Capital

Equity capital, common share capital, intangible assets, and audited revenue reserves
make up Tier-1 capital, also known as core capital, or what the bank has set aside to
support it through common risky transactions like trading, investing, and lending. A bank
can continue to operate while using tier-one capital to absorb losses (Beers, 2021).

level two Capital

Unaudited reserves, unaudited retained earnings, and general loss reserves make up Tier-
2 capital. In the case of a corporation winding up or liquidating, this capital absorbs
losses. It is believed that Tier-2 capital is less secure than Tier-1 (Beers, 2021).

The Minimum Ratio of Capital to Risk-Weighted Assets

The Basel Committee on Banking Supervision created Basel III as a set of internationally
accepted regulations in response to the financial crisis of 2007–2009. The initiatives are
intended to improve bank regulation, oversight, and risk management. Under Basel III,
the minimum capital adequacy ratio that banks must maintain is 8% (NICKOLAS, 2021).

for the two banks selected above (NBB, GFH)

By researching and reading the financial reports of both banks, we found out that NBB
Bank has a higher capital adequacy ratio than GFH Bank. for the year 2021

NBB Bank

The capital adequacy ratio for the year 2021 is 22.1%, which is considered a high ratio by
Basel III, but we noticed that the capital adequacy ratio of NBB Bank has decreased in
the last two years 2020 and 2021, but we found out that the reason was the Corona

Page 10 of 22
pandemic, which affected the banking sector as a whole. And not only NBB Bank. The
capital adequacy ratio is 2017 was 36.6%, 2018 was 33.8%, and 2019 was 37.3%.

GFH Bank

The capital adequacy ratio for the year 2021 was 13.5% and compared to NBB it is less
than 8.6%, but according to Basel III, GFH Bank is considered fulfilling the conditions
and has a reasonable and somewhat good capital adequacy ratio, and we must take into
account the size of the two banks in comparison It is the NBB Bank that crosses one of
the largest banks in Bahrain. For this reason, too, the capital adequacy ratio of NBB is
higher.

2.2. Asset Quality

Assets for banks are loans made to individuals and corporations. A significant portion of
the income and profit earned by banks from these assets comes from the interest they
earn on them, but their primary risk is the possibility that the loans won't be repaid. The
loan's quality, or "asset quality," decreases in direct proportion to the credit risk. Banks
must retain more capital to cover the associated credit risk when their asset quality
declines and book greater provisions to account for the anticipated losses.

We can also say that asset quality is the overall risk associated with the numerous assets
that an individual or institution holds, whereas FICO scores are measurements of an
individual's credit quality. Asset quality refers to the left-hand side of the bank balance
sheet and is the word that banks most frequently used to assess how many of their assets
are at risk of financial loss and how large of an allowance for prospective losses they
must make.
Therefore, an assessment of an asset to determine its related credit risk constitutes the
definition of asset quality.

A bank's operating performance and asset quality are positively associated from a
management accounting standpoint because a bank's asset quality determines how much
money it will lose on bad debts and how many resources it will need to expend to recoup
those losses.
Low asset quality can limit future growth potential for businesses with higher asset
quality, which can harm shareholder returns. It also increases the risk for businesses with
more stable asset quality.

Page 11 of 22
 At that point, we have total assets, total loans, and assets quality proportion here and will
compare NBB and GFH bank, and to calculate the asset quality ratio we need to divide
total loans over total assets.

NBB  2021 2020

Total loan $6,355.19 $5,764.44

Total assets $12,031.30 $11,569.21 NBB

Asset quality ratio 52.822% 49.83% Total loan Total assets
$14,000.00
$12,000.00
$10,000.00
$8,000.00
$6,000.00
$4,000.00
$2,000.00
$0.00
2021 2020

 GFH 2021 2020

Total loan $1.3110 $1.2673

Total assets $8.0837 $6.5869

Asset quality ratio 16.218% 19.24%

GFH
Total loan Total assets
$9.0000
$8.0000
$7.0000
$6.0000
$5.0000
$4.0000
$3.0000
$2.0000
$1.0000
$0.0000
2021 2020

Page 12 of 22
According to the analysis above between NBB Bank and GFH Bank in the years 2020
and 2021, we can see the increasing total assets of NBB Bank from 11,569.21 million
dollars to 12,031.30 million dollars, or an increase of 462.09 million dollars between the
years 2020 and 2021. We can also see the total loans that have expanded betwixt 2020
and 2021 from 5,764.44 million dollars to 6,355.19 million dollars, or a massive increase
of 590.75 million dollars means that gains have been made in recruiting new clients, and
this is a good thing.

Concerning the GFH Bank, we can see that total assets in 2020 were $6.5869 million,
while they were $8.0837 million in 2021, as indicated in the graph and table, hence, it
climbed by $1.4968 million. And the total loans were $1.2673 million in 2020 and
$1.3110 million in 2021. hence, it only increased by $0.0437 million.

As we stated above, the asset quality ratio has a big impact on profitability, so let's see
which bank has the best asset quality ratio. First, we can see that NBB's asset quality ratio
on 2021 is higher than on 2020 with 52.822 percent and 49.83 percent respectively, that
is because of the increase in total assets and total loans, but on the other hand, GFH bank
had higher asset quality on 2020 than 2021 with 19.24 percent and 16.218 percent
respectively, also here from GFH view it increased its total assets but increased a small
amount on the total loan, therefore let`s not forget the impact of the COVD-19 and its
effect on the assets quality ratio and the whole financial system.

Although there are other ways to gauge asset quality, the majority of them are unsuitable
for banking operations, like fixed assets or inventories.

Consequently, which bank has the finest asset quality?

Since NBB had 49.83 percent of assets quality in 2020, GFH had only 19.24 percent,
which is less than half of NBB's asset quality ratio. Most banks treat loans as their
primary asset class, and they do so with great care, and that`s why we can see NBB
increases its loans tremendously. Similarly, NBB bank had 52.822 percent in 2021 and
GFH bank had just 16.218 percent in the same year, it is clear from the table that NBB is
superior to GFH.

The NBB Bank is extraordinary concerning asset quality and had excellent profitability,
according to the analysis, tables, and graphs. Because it had a massive quantity of loans
compared with the other bank (GFH), and it increases its loans by large amounts every
year.

2.3. Management Competence

Page 13 of 22
2.4. Earnings Ability

The Bank's continued sustainability depends on its ability to generate an adequate return
on its assets that enables it to finance its projects and attract investors. when we use
CAMELS to examine the earnings it is necessary to review the bank's past and present
performance but also consider its future. The capacity of a bank to generate earnings to
sustain its operations, expand, and remain competitive is an important component in
determining its long-term survival. This is determined by examining the bank's earnings,
earnings growth, stability, valuation allowances, net margins, net worth level, and the
quality of the bank's existing assets (Learn about the CAMELS Rating System, 2022).

When conducting CAMELS examiner looks at return on equity (ROE) and return on
assets (ROA). In terms of return on equity, and return on assets; The profitability capacity
of banks will be measured as follows:

First and foremost, return on equity is an important measure of a bank's or country's

profitability in the banking sector. ROE is calculated by dividing net income returned by
shareholders' equity. Return on Equity (ROE) assesses how well a bank's (or company's)
management utilizes its assets to create profits (European Banks: Return on Equity 2021 |
Statista, 2021). The ROE is calculated by dividing net income by total equity.

Second, return on assets is an important indicator for measuring how well a bank
produces money other than via lending. While this is often a tiny component of bank
income, it can be essential to cash flows when net interest margins are low, and loans are
scarce (mpiinc, 2019). The ROA is calculated by dividing net income by total assets.

And in so doing, we have proven that NBB outperforms GFH in terms of earnings ability.

Table 1: Return on Equity

Page 14 of 22
 Return on
Year Equity = Net Income ÷ Total Equity

GFH 2021 3.67% = 92,617 ÷ 2,526,465

2020 2.11% = 49,343 ÷ 2,343,057

NBB 2021 10.27% = 55 ÷ 535.3

2020 9.63% = 50.7 ÷ 526.3

Figure 1: Return on Equity

Return on Equity Capital

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
2020 2021

GFH NBB

Return on Equity (ROE) measures a bank's profitability in relation to the wealth of its
shareholders. Table 1 and Figure 1 show that in terms of return on shareholders'
investment, NBB ranked fourth in 2020 and third in 2021, with 9.63 percent and 10.27
percent, respectively, while GFH ranked fifth in both years, 2020 and 2021, with 2.11
percent and 3.67 percent, the lowest possible rating that banks could achieve.

Based on the comparison made between the two banks above The ROE of NBB was
higher than the GFH in both 2020 and 2021, and the difference between the ROE ratio in

Page 15 of 22
the two banks in 2020 was 7.52% and in 2021 was 6.6%. And based on that NBB bank's
shareholders' investments are yielding a higher return than GFH shareholder's
investments.

Table 2: Return on Assets

Return
Year on = Net Income ÷ Total Assets
Assets

GFH 2021 1.15% = 92,617 ÷ 8,083,686

2020 0.75% = 49,343 ÷ 6,586,863

NBB 2021 1.21% = 55 ÷ 4,535.6

2020 1.16% = 50.7 ÷ 4,361.4

Figure 2: Return on Assets

Return on Assets
1.40%

1.20%

1.00%

0.80%

0.60%

0.40%

0.20%

0.00%
2020 2021

GFH NBB

Page 16 of 22
Return on assets (ROA) compares a bank's profitability to its total assets. Higher returns
indicate that banks are making the best use of their assets, whilst lower returns indicate
the poorest usage. According to the statistics shown in Table 2 and Figure 2, the NBB has
a high ROA compared to GFH of 1.16 percent in 2020 and 1.21 percent in 2021 and is
placed third in both years, whereas GFH is rated fourth in 2020 and third in 2021, with
0.75 percent in 2020 and 1.15 percent in 2021. GFH has the lowest ROA, indicating
inefficient asset usage. National Bahrain Bank has demonstrated sustained operational
excellence.

Based on the two chosen banks' financial statements for 2020 and 2021, NBB bank is
better regarding efficiency because a higher ROA means when it comes to managing a
bank balance sheet for profit, it is more efficient and productive. Whereas having a low
ROA in the GFH case means that the bank was not fully efficient in using its assets to
generate more profits. and they are reinvesting their profits in inefficient assets.
2.5. Liquidity Risk Liquidity

Page 17 of 22
3.Conclusion

References

Page 18 of 22
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Investopedia. Retrieved July 25, 2022, from
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company-has-high-capital-adequacy-ratio.asp

NICKOLAS. (2021, April 30). What Is the Minimum Capital Adequacy Ratio Under
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Corporate Finance Institute. (2020, January 14). CAMELS Rating System. Corporate

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%20profits.

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