KHCB records Q1 profit of BD2,85m Q1

Manama : Khaleeji Commercial Bank (KHCB) has announced excellent financial results for the first quarter of 2016 as the bank achieved net profit attributable to the owners of the bank of BD2,85 Million, with a growth of 70.7 per cent, compared to the net profit of BD1,67m for the same period in 2015. The bank is continuously expanding its business to reach the gross assets of BD672,3m a growth of 2.8pc compared to the same period in last year.

Additionally, the gross fixed deposits from clients have increased by 1.7pc to reach BD493,6m. The financing assets has also shown a tremendous increase by 5.8pc to reach BD410,1m. 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 per cent with a capital adequacy ratio of 17.8pc.

Commenting on the results, Dr. Ahmad Al Mutawa, Chairman of KHCB said, “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.”

Khalil Al Meer, KHCB’s Chief Executive Officer said, “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. The bank has shown a substantial increase in financing portfolios for individuals to reach BD140,6m. The bank now has a consistent financial flow of transactions related to individuals and companies,” he added. 

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 BD7m as compared to BD3.1m recorded in 2014, showing an increase of 126.7pc.