Khaleeji Commercial Bank B.S.C (KHCB) has recently announced its financial results for the second quarter ended 30th June 2022, reporting a Net Profit Attributable to the Bank’s Shareholders of BD 3.362 million, compared to BD 3.901 million for the same period of the previous year, with a decrease of 13.82%. Earnings per Share amounted to 0.45 Fils, compared to 1.12 Fils for the same period last year. Total Income before Return to Investment Account Holders for the second quarter of 2022 amounted to BD 13.208 million, compared to BD 15.611 million reported in the same period of the previous year, with a decrease of 15.39%.

As for the biannual financial results for the period ended 30th June 2022, KHCB reported a Net Profit Attributable to the Bank’s Shareholders of BD 6.810 million, compared to BD 6.007 in the first half of last year, with an increase of 13.37%, while Earnings per Share for the period ended 30th June 2022 amounted to 4.74 Fils, compared to 3.74 Fils for the first half of the previous year. Total Income before Return to Investment Account Holders for the period ended 30th June 2022 amounted to BD 26.911 million, in comparison with BD 28.439 million reported in the first half of last year.

The financial results also showed a decrease in Total Owners’ Equity (after excluding Minority Interests) for the period ended 30th June 2022 by 1.71% reaching BD 143.797 million, compared to BD 146.298 million for the same period of the previous year. This is in addition to an increase in Total Assets for the period ended 30th June 2022 by 6.00%, reaching BD1,236.144 million, compared to BD1,166.184 million reported in the same period last year, as well as an increase in Deposits by 0.84% to reach BD 919.237 million, compared to BD 911.547 million last year. The results also witnessed an increase in Sovereign Sukuk by 1.83%, reaching BD 300.453 million, in comparison with BD 295.040 million for the same period last year.

Commenting on the Financial Results, Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer of KHCB, stated “KHCB is proceeding at a steady pace by achieving positive financial results on the level of its general performance, despite all the challenges that the world is witnessing in recent times that have resulted in several measures at all levels, as we have worked during the past six months to launch a number of initiatives that significantly contributed to the stability of our financial performance and growth of the bank’s profit. This includes the introduction of a range of innovative products on the level of saving, deposits, and financing for our individual and corporate clients, in addition to our expansion into advanced digital banking services, in line with the latest financial technologies.”

Mr. Algosaibi added “In keeping abreast with the currents requirements of this era and our constant endeavour to provide a comfortable and innovative banking experience to our clients through the Branch Network, KHCB continues to work on implementing its ambitious project to digitize branch services and we look forward to completing an advanced stage of this project by the end of this year, while the bank continues to develop its digital services available through other channels, including the “Khaleeji Mobile App” which has added more services that can be done through it quickly and easily without the need to visit branches, and the bank is also working on adding more services to its application during the coming period. The bank will also continue to launch a set of products and services that meet our valued clients’ expectations, both individuals and companies, in addition to entering into more strategic partnerships to enhance the Bank’s financing portfolio.”

Mr. Algosaibi concluded “We will continue to look forward to the future with optimism, while relying on the quality of our products and services, as well as our commitment to dedicating all efforts to advance the Bank towards broader horizons of growth and development. I would like to take this opportunity to extend my sincere gratitude and appreciation to our valued shareholders and clients for their trust, and to also commend the sincere efforts exerted by our staff to reinforce the Bank’s leading position among Islamic banks in the Kingdom.” KHCB is an 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.

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