Manama: Bahrain based Islamic banking major, Khaleeji Commercial Bank (KHCB) achieved net profit attributable to the owners of the bank of BD 2.85million, with a growth of 70.7%, compared to the net profit of BD 1.67million for the same period in 2015.
The bank is continuously expanding its business to reach the gross assets of BD 672.3million a growth of 2.8% compared to the same period in last year.
Additionally, the gross fixed deposits from clients have increased by 1.7% to reach BD 493.6million. The financing assets has also shown a tremendous increase by 5.8% to reach BD 410.1million. With these results, the bank has maintained its profit ratio and strong financial positions with a liquid assets ratio reaching in an excess of 21.9% with a capital adequacy ratio of 17.8%.
“KHCB continues to show strong performance, despite the number of economic variables the region witnesses due to the massive decrease in oil prices. The results of the bank reflect the success of newly implemented strategic objectives,” said, Dr. Ahmad Al Mutawa, Chairman of KHCB .
“Last year ended with outstanding financial results and today, we continue to reap the benefits of the efforts made to promote our bank’s position and to continue to be the pioneer in the banking industry, thanks to firstly, Allah, and the magnificent efforts made by the team. We hope that the results in the coming periods will show bigger profits.”
“These results reflect the positive growth of the business activities and service achievements of the bank for individuals during the first three months of 2016, as we fulfill a huge part of the goals set for the bank, some of which are expansion of our branch network by opening the 11th branch in Juffair Mall, in order to enhance communications with our valued customers. We have also succeeded in increasing our client network and this has resulted in the rate of growth of deposits as compared to the first quarter of previous year. The bank has shown a substantial increase in financing portfolios for individuals to reach BD 140.6million,” said, Mr. Khalil Al Meer, KHCB’s Chief Executive Officer commented on the results of the first quarter. “The bank now has a consistent financial flow of transactions related to individuals and companies.”
The bank began the year of 2016 by announcing the excellent financial results for the financial year ending 31st December 2015, by declaring a net profit attributable to the owners of the bank of BD7 million as compared to BD3.1 million recorded in 2014, showing an increase of 126.7%. This was followed by the announcement of the launch of the 11th branch in Juffair Mall as a part of the expanding plan of the bank to be close to their clients. In order to inspire employee motivation and dedication, the bank announced the promotions of a number of its employees to higher leadership positions as part of its re-structuring plan.
KHCB has a workforce that includes 98% of Bahrainis, and this reflects the efforts of the bank towards Bahrainization. The success of the bank during the past years has largely contributed to the ranking in the GCC CEO Awards, where Mr. Khalil Al Meer was ranked 4th in the GCC and the 1st in Bahrain for the Top CEO Awards in 2016, which was held recently in Dubai, UAE.
Khaleeji Commercial Bank BSC (KHCB) is an Islamic bank licensed by the CBB, headquartered in the Kingdom of Bahrain, and operating under a Retail Islamic Banking license granted by the Central Bank of Bahrain (CBB). It is a Public Bahraini Shareholding Company listed in Bahrain Bourse. KHCB offers a comprehensive range of innovative banking and investment product and services to individuals, corporate entities, and financial institutions. These include commercial and corporate banking, wealth management, structured investment products and project financing facilities.
