KHCB reports net profit of BD4.58 million

Manama : Khaleeji Commercial Bank (KHCB) yesterday announced a net profit attributable to the owners of the bank amounting to BD4.58 million for the nine months ended 30 September 2016 as compared to BD6.03m in the same period last year, representing a reduction of 24 per cent. 

The bank’s net profit attributable to the owners for the 3 months ended September 2016 was BD359 thousands, compared to BD1.92m for the same period of 2015 resulting in a decrease of 81.3pc. 

The reduction comes after impairment allowance of BD3.71m for the past nine months, in order to face any unforeseen circumstances. 

Consolidated net profit was BD4.32m for the nine months against BD6.09m reported during the same period of 2015 this shows a reduction of 29pc. The consolidated net profit for the three months period amounted to BD147 thousand, against BD1.68m for the same period in 2015, which equals to 91.25pc reduction.

The result for the bank during the third quarter showed an increase in the total assets by 8.46pc to reach to BD709.31m. This is as compared to BD653.98m reported in December 2015. 

Commenting on the results, Dr. Ahmad Al Mutawa, Chairman of KHCB, said, “This good result has been achieved despite the challenges that the banking sector faces at present due to the instability of the regional and world markets.”