KHCB posts BD 2.106m Q1 profit

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Khaleeji Commercial Bank yesterday reported a 46.56% jump in its first-quarter net profit, thanks to a growth in its total income before return to investment account holders.

“These promising financial results come in a time where the COVID-19 Pandemic still overshadows all aspects of regional and global economies, and this proves our sound strategic initiatives and the Bank’s ability to cope with various circumstances and to wisely and ably face challenges,” said Jassim Alseddiqi, the Chairman of KHCB’s Board of Directors.

Quarterly results

The first-quarter net profit attributable to the bank’s shareholders was BD 2.106 million, compared to BD 1.437 m in the same quarter a year ago. Total income before return to investment account holders rose 5.1% to BD 12.828 m from BD 12.202 m in the prior-year quarter.

Earnings per Share amounted to 2.62 Fils, compared to 1.79 Fils for the same period of the previous year. Total Deposits increased by 12.16%, reaching BD 869.02 m compared to BD 774.81 m last year. Looking ahead, Alseddiqi said they are “hopeful that 2021 will witness overall improvement in all sectors including the banking sector, based on containing COVID-19 impacts and life getting back to normal on a gradual basis.”

KHCB CEO, Sattam Sulaiman Algosaibi, said, “During this year, the Bank will move on to achieving the main objectives of its new strategy, mainly accelerating digital transformation while applying the latest technologies in banking services, adopting the best practices in ‘FinTech’ to improve our client banking involvement, and launching a new set of state-of-the-art banking products.”

“With our robust liquidity and stable financial position, KHCB will advance on the right track to expand its Partners Base by establishing new strategic partnerships which will have the greatest impact on increasing and diversifying its financing activities,” he added.