KHCB reports BD5.3 million full year profit

Manama : Khaleeji Commercial Bank (KHCB) announced its financial results for the financial year that ended in 31 December 2016, reporting a net profit attributable to the owners of the bank of BD5.3 million, compared with BD7m achieved at the end of 2015, representing a reduction of 24.3pc. 

The bank achieved a net profit attributable to the owners of the bank of BD733 thousand during the last quarter of the year 2016, compared to BD978 thousand in the last quarter of the previous year resulting in a decrease of 25pc. 

The reduction in the net profits comes after impairment allowance of 8.9m Bahraini Dinars for the period ended in December 31, 2016. The net operational profit increased by 35.6pc to reach BD14.23m compared to BD10.49m achieved in 2015. The bank also reported an increase in the total income before return to investment account holders by 15.9pc to reach BD35.9m in 2016 after it was BD30.9m in 2015 & the total income increased by 21pc to reach BD25.79m against BD21.3m achieved in 2015. 

Commenting on the results, Dr. Ahmad Al Mutawa, Chairman of KHCB said: “In response to the local and international market fluctuations that effect many financial institutions, the Board of Directors and the Executive Management have agreed to follow a conservative strategy this year. As such, a sum of BD8.9m has been allocated as a precautionary & dividends will not be distributed in order to empower the bank’s financial position in local & GCC markets & achieve a successful listing at Dubai Financial Market”