Bahrain KHCB nine-month net profit BD6.1m
Khaleeji Commercial Bank (KHCB), a leading Islamic bank in the Kingdom, today announced its financial results posting a net profit of BD6.1 million for the 9 months ended September 30, 2015. This is an increase of 117.9 per cent compared to BD 2.8m reported during the same period of the year 2014.
Third quarter profit was BD1.7m, compared to BD1.1m reported for the same period last year. Total assets reached BD663.6m, an increase of 11.2pc compared to December 2014 and 2.7pc over the second quarter of 2015. Profitability ratios have improved with the return on average assets of 1.3pc and return on average equity of 7.6pc. The Bank’s financial position remains strong with a liquid asset ratio of 25.3pc and capital adequacy ratio of 20.3pc, which is well above the regulatory minimum of 12.5pc.
Commenting on the results, KHCB Chairman Dr. Ahmed Al Mutawa’a said: “The Bank’s excellent results reflect the successful implementation of its strategy to develop new and innovative banking products and services to meet the expectations of its clients and with more focus on reducing the operating expenses but without compromising on efficiency and service quality. The bank continued to maintain robust balance sheet throughout the period with high liquidity and capital adequacy ratios. The performance indicators like Return on average equity stood at 7.6pc and earnings per share at 6.25 fils.”
“We are confident that the management will achieve the targeted figures for the year by fulfilling the strategy’s key indicators prudently to ensure positive returns to our shareholders,” the chairman added.
KHCB Chief Executive Officer Khalil Ismaeel Al Meer commented on the results saying: “the concentration on maintaining and growing the retail and corporate banking books contributed in achieving this excellent result. We have also launched many consumer finance and Credit Cards campaigns and increased our SME/Tamkeen financing.”
“Our customer deposits continued to grow with a 3pc compared to last quarter. During the third quarter, KHCB opened its tenth branch in Isa Town. The bank has also launched its new e-banking application with more secured features and functionalities that meets the needs of both retail and corporate customers,” added the CEO.
Photo Caption:
KHCB Chief Executive Officer Khalil Al Meer and KHCB Chairman Dr. Ahmed Al Mutawa
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