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Batelco establishes presence in fintech space

Batelco establishes presence in fintech space
MANAMA, 11 hours, 49 minutes
ago
Batelco has announced its entry into the world of fintech by establishing a new licensed company, Batelco Financial Services, making it the first telecom company in the GCC to receive licences for Open Banking.

The company obtained the necessary licences from the Central Bank of Bahrain (CBB) to provide both consumers and SMEs with services such as digital wallet creation, cards issuance services, bank accounts aggregation and bank account payments initiation on behalf of clients and third parties, said a statement.

CBB Governor Rasheed Mohammed Al-Maraj commented: “We would like to congratulate Batelco on obtaining their Open Banking services license and entering the field of fintech. This step is part of Bahrain’s ongoing growth in sectors that directly benefits customers and is in line with the Central Bank of Bahrain (CBB) strategy to support a local e ....

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'থাইক্যা থাইক্যা লকডাউনে কালের কণ্ঠ শুভসংঘের ত্রাণ আমগর | 1046463 | কালের কণ্ঠ
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মুখে মুখে হাসির দোল | 1046708 | কালের কণ্ঠ

মুখে মুখে হাসির দোল | 1046708 | কালের কণ্ঠ
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Batelco Q1 net profit jumps 6% to $52.3m

MANAMA, April 28, 2021
Batelco, Bahrain’s leading telecom provider, has announced a net profit attributable to equity holders of the company for Q1 2021 of BD19.7 million ($52.3 million), a 6% increase from BD18.5 million ($49.1 million) for the corresponding period of 2020.

The increase in net profit is attributable to increases in revenues whilst maintaining good control of costs. Earnings per share (EPS) was 11.9 fils for the first quarter of 2021 compared to 11.2 fils in Q1 2020, the telecom company said.

Total comprehensive income attributable to equity holders for Q1 2021 reported at BD29.9 million, an increase of 151% from BD11.9 million for the first quarter of 2020.

Revenues for the first quarter in 2021 of BD99.7 million, an increase of 2% compared to BD97.6 million in Q1 2020. The increase in revenues is mainly due to YoY increases in fixed broadband, adjacent services and wholesale revenues of 19%, 17% and 8% re ....

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