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KHCB Announces Second Quarter Financial Results

Khaleeji Commercial Bank (KHCB), a prominent Islamic retail Bank, announced its financial results for the second quarter of 2014 making a net profit of BD 1.2 million with an increase of 166.9% compared to same period last year (BD 450 thousand reported during the same period in 2013), an increase of BD 865 thousand from last quarter (BD 148 thousand increase reported for the same quarter in 2013). The Bank’s financial position remains strong with a liquid asset ratio of 27.2 % and capital adequacy ratio of 24.2 %.

Commenting on the results, Chairman of the Bank Dr. Ahmed Al Mutawa’a said: “During the second quarter, KHCB has delivered a solid performance through focusing on its strategic goals in launching innovative Retail and Consumer Finance products. We were able to grow our financing portfolio by 9.7 % and our deposits by 2.6%. The Bank continued to maintain a solid liquidity and capital position and was able to progressively respond to market needs. KHCB’s increased presence across the Kingdom emphasizes our commitment to providing customers with greater convenience and accessibility. The rapid expansion of the Bank’s branch network and introduction of new products for the retail market is a positive sign that KHCB is on track to becoming a leading Islamic retail Bank in Bahrain.

KHCB’s Chief Executive Officer Mr. Khalil Ismaeel Al Meer commented on the results: “The good results of the year’s second quarter reflect the hard work and dedication of our team to help the Bank achieve its targets throughout the year. The Bank is continuing with its plans to expand by opening new branches and introducing exciting services and products that appeal to our customers. On a corporate level, the Bank has signed agreements with different real estate developers to offer their clients financing through the Bank. As for retail business, the Bank has now eight commercial branches scattered around the country in strategic areas offering products and services tailored to our customers’ needs”.

“Our main focus is to offer our existing and new customers innovative and attractive products and services that meet their expectations. Recently the Bank announced two new products including a Call Mudharaba Account which combines the flexibility and convenience of a Current Account with the concept of profit sharing of the Mudharaba Investment Account, and a new credit card (Easy 36) which provides our customers with the convenience of paying back their credit cards’ purchases in equal monthly installments. The Bank is well on track to achieve its targets for the year and we look forward towards a promising future”. Mr. Al Meer concluded.