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KHCB reports net profit of BD 3.45 Million attributable to the Bank’s shareholders in Q1 of 2022

May 11, 2022

Khaleeji Commercial Bank (KHCB) has announced its Financial Results for the first quarter ended 31st March 2022, reporting a Net Profit of BD 3.448 million Attributable to the Bank’s Shareholders, compared to BD 2.106 million for the same period of the previous year, with an increase of 63.18%. The increase in Net Profit is mainly due to the growth of Total income before return to investment account holders by 6.82% reaching BD 13.703 million by the end of the first quarter of 2022, compared to BD 12.828 million for the same period of the previous year. Earnings per Share amounted to 4.29 Fils, compared to 2.62 Fils for the same period of the previous year.

The Financial Results also showed an increase in Total Owners’ Equity (after excluding Minority Interests) for the period ended 31st March 2022 by 0.64% reaching BD 147.23 million, compared to BD 146.30 million last year, as well as an increase in Total Assets for the period ended 31st March 2022 by 5.31%, reaching BD 1,228.11 million, compared to BD 1,166.18 million last year. Total Deposits decreased by 0.81% reaching BD 904.17 million compared to BD 911.55 million last year.

Commenting on the Financial Results, Mr. Hisham Ahmed Alrayes, Chairman of KHCB’s Board of Directors, said: “We are contented to achieve positive financial results in all of the Bank’s activities during the first quarter of this year, as it constitutes a promising start for us in the year 2022, and in a manner that translates the institutional constants established by the Bank, with the aim of reducing risks and adapting to challenges and market changes, in order to ensure raising our market share, seize promising opportunities and enhance high-quality assets.”

Mr. Alrayes added: “These results are in line with our continued efforts to improve the efficiency of our resources and maximise its productivity, which is reflected in raising the level of the Bank’s operational performance. It also come at the time when we embarked on working to devote our efforts to laying solid foundations for future growth, with the aim to enhance the return on investment for shareholders by exploring new paths for banking and opening innovative frameworks that enhance the level of the banking experience provided to clients. The encouraging indicators shown by the Bahraini economy will have a tangible impact on the various vital sectors, especially the banking sector. Therefore, we are confident that the upcoming results will come with more positive indicators.”

For his part, Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer of KHCB, said: “The positive results reported in the first quarter of this year reflect our serious commitment and keenness to continue building on the achieved successes and accomplishments, while basing on a business model that guarantees us efficiency in operation, achieving more returns on investment in infrastructure, services and products. Therefore, the net profit attributable to shareholders recorded by the Bank during this period witnessed a remarkable growth of 63.18% compared to the same period last year.”

Elaborating further, Mr. Algosaibi said: “In the meantime, Khaleeji Commercial Bank continued its tireless efforts to offer more innovative services and products that would add to the banking experience provided to clients, especially with regard to our plans to develop e-banking services systems and continue the process of digital transformation that proved its importance in overcoming many challenges during the recent period. This included the launch of a new package of banking services through the Khaleeji Mobile App, and we are working during the coming period to launch more e-services that realises the aspirations of our valued customers.”

Mr. Algosaibi added: “I would like to extend my sincere thanks and appreciation to our valued shareholders and clients for their confidence and constant support for the Bank, and I would also like to thank the Chairman and members of the Board of Directors for their continuous guidance and support, and our employees for their dedication and devotion, which contributed to strengthening the Bank’s leading position in the Islamic banking sector in the Kingdom and advancing it to continue achieving more accomplishments.”

KHCB is a leading Islamic bank that strives to achieve clients’ aspirations through an Islamic banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.