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In light on the excellent financial results announced end of 2015, KHALEEJI COMMERCIAL BANK HOLDS ITS AGM & EGM

In light on the excellent financial results announced end of 2015



Manama, Bahrain, 15 March, 2016-Khaleeji Commercial Bank held its Annual General Meeting (AGM) & its Extraordinary General Meeting (EGM) on 15th March 2016.The meeting was attended by KHCB 's shareholders, members of the Board of Directors, Executive Management team, representive of the Shari'a Board, auditors and representatives from the regulatory authourites. During the meeting, minutes of the previous AGM and audited financial statements for the year ended 31st December 2015 was presented and approved.

Speaking on the occasion, Dr Ahmed Al Mutawa, Chairman of KHCB said “We are extremely happy with the positive results we have achieved for the year ending 31st December, 2015. As we have announced a 109.8% increase in net profits, despite the economic challenges and geopolitical developments coupled with the steep decline in oil prices, which impacted the economic growth potential of the region.”

He further added, “During the past financial year, the bank has indeed accomplished key milestones by expanding the local network, diversifying its business, introducing new products and expanding its customer base.  our new stragey has greatly lead us maintain a strong liquidity and solid capital position. We shall continue to strive to remain pro-active and prudent understanding the challenges of the future.”

In light of the excellent results, the AGM approved to distribute 5% of paid up capital as bonus shares to the shareholders registered (by issuing 5 shares for every 100 existing shares) equivalent to 50,000,000 new shares equivalent to BHD 5 million, after obtaining the approval from the concerned governmental & ratified the net profits for the financial year ending on 31st December 2015.

The AGM also approved the transfer of BD 701,460, which equivalent to 10% of the net profits to the Statutory Reserve. Additionally to allocate BHD 131,314 as remuneration payment to the Board of Directors & BD 1,181,824 to retained profit.

On the other hand, The AEM approved the amendements to the Article & Memorandum of Association of the bank in according with the AGM reslutions & the with the reuqirments of resolution (50) for the year 2014 with respect to the amendments to Bahrain Commercails Copmpanies Law of 2001, subject to obtaiting the approvals from the converned governmental bodies.

Mr. Khalil Ismaeel Al Meer, KHCB’s Chief Executive Officer, commented on the Financial results, “The main focus was keeping in mind the key objectives of the new strategy, which resulted in outstanding results adding value to its customers and shareholders. The key indicators of the performance reflect the dedication of the management and staff of the Bank, supported by the Board of Directors”.

Mr. Al Meer further stated,“In 2016, and in line with our new strategy, we have opened our 11th branch, located in Juffair Mall. The bank further revamped its EBanking application by adding extra security features and launching its new mobile banking application.”

On the road ahead, Mr Al Meer concluded “We began this year with  positivity and confidence to achieve more outstanding results. At the same time we are vigilant given the recent disturbance in the internaltional markets. The local market, however, will remain the main focus of our strategy, as we look forward to providing more innovative services and products for our clients, and at the same time maintain our current operations and to make our services more accessible and expand through our various online channels”.

The KHCB 's Board of Directors and Senior Management as well as shareholderswere unanimous in their praise to all staff members. They expressed appreciation and gratitude indicating that the staff members dedicated service and commitment was a crucial element in the successful performance and achievements of the Bank over the years. They also extended their thanks and appreciation to all their valued clients for the continued support and trust.