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Home |MutliMedia | News | KHALEEJI COMMERCIAL BANK REPORTED A NET PROFIT ATTRIBUTABLE TO THE OWNERS OF THE BANK OF 4.58 MILLION DINARS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016

KHALEEJI COMMERCIAL BANK REPORTED A NET PROFIT ATTRIBUTABLE TO THE OWNERS OF THE BANK OF 4.58 MILLION DINARS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016


KHALEEJI COMMERCIAL BANK REPORTED A NET PROFIT ATTRIBUTABLE TO THE OWNERS OF THE BANK
OF 4.58 MILLION DINARS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016

Manama, Kingdom of Bahrain, 10 November 2016: Khaleeji Commercial Bank, one of Bahrain’s leading Islamic retail banks, announced a net profit attributable to the owners of the bank amounting to BD 4.58 million for the nine months ended 30 September 2016 as compared to BD 6.03 million in the same period last year, representing a reduction of 24% where the bank’s net profit attributable to the owners for the 3 months ended September 2016 was BD 359 thousands, compared to the net profit attributable to the owners of BD 1.92 million for the same period of 2015 resulting in a decrease of 81.3%, the reduction in the net profits comes after impairment allowance of 3.71 million Bahraini Dinars for the past nine months, in order to face any negative unforeseen circumstances. This step is taken as part of implementing of the bank’s strategy that has been adapted for years.

In addition, the bank announced achieving a consolidated net profit that totals up to 4.32 million Bahraini Dinars for the nine months ended 30 September 2016 against 6.09 million Bahraini Dinars reported during the same period of the year 2015 this shows a reduction of 29%. The consolidated net profit for the three months ended 30 September 2016 amounted to 147 thousand Bahraini Dinars, against 1.68 million Bahraini Dinars for the same period in 2015, which equals to 91.25% reduction.

The financial result for the bank during the third quarter showed an increase in the total assets by 8.46% to reach to 709.31 million Bahraini Dinars. This is as compared to 653.98 million Bahraini Dinar reported in December 2015.

Despite the economic challenges that the region has faced, Khaleeji Commercial bank has preserved a good and sustainable percent of capital adequacy equaling to 18.98%. This reflects the keen supervision that the bank undertakes to protect and enhance the benefits of the stakeholders.

Commenting on the positive results, Dr.Ahmad Al Mutawa, Chairman of KHCB, said, “This good result has been achieved despite the challenges that the banking sector faces at present due to the instability of the regional and world markets. In spite of this, we have shown tremendous success in implementing our strategies according to well think out plans and clear objectives based on our market study of the current economic situation and the constant evaluation of our performance. Our priorities have been exemplified and we continue to improve our business to enhance our pioneering reputation amongst the other Islamic banks in the Kingdom. This is mainly achieved through enhancing our services network and launching new and innovative products that cater to the needs of our clients.”

He added, “Responding to the current unstable economic situation, both in the local & international markets, the Board and the management record an additional impairment allowance of 3.71 million Bahraini Dinars for the past nine months, in order to face any negative unforeseen circumstances. This step is taken as part of implementing our strategy that has been adapted by the bank for years.”

Mr. Khalil Al Meer, KHCB’s Chief Executive Officer commented on the results and said, “KHCB continued to achieve good financial results during the past period where it continues to grow in revenues against keeping operational expenses at acceptable levels. KHCB is eager to diversify the source of funds, and preserving the general budget and enforcing the liquidity ratio which concluded in making it one of the safest Islamic banks in the Kingdom.”

He added, “I am so proud of the performance we have achieved for the third quarter of 2016, despite all the challenges and difficulties the market is facing. We have witnessed an increase in the number of clients which proves our commitment on our achieving our strategic goals that focuses on improving and developing the core activities in addition to launching new pioneering and innovative products, with noticeable improvement in our services.”

Steady Steps to Strengthen Its Position amongst the Islamic Banks in the Kingdom:

KHCB is working steadily towards strengthening its position as the pioneering Islamic Bank in the Kingdom and confirms this by receiving a variety of prestigious awards during the first- half of 2016. KHCB received the award "the fastest growing bank in Bahrain" granted by CPI Financial Banker Middle East and Africa, in addition to being named amongst the Top 4 Best CEOs in the Middle East, the first in the Kingdom of Bahrain. The CEO of KHCB was named amongst the top 4, in a list with 100 best performing Managers and Chief Executive Officers in the GCC and Arab countries, announced by the Trends Magazine and Insead Business School.

These awards come as a result of the strong financial results and the deeply-rooted growth achieved by the bank during the last period including the net income, liabilities, revenues, return on equity and return on assets, where the bank’s results were compared to the competitor’s results in the Kingdom of Bahrain.

KHCB were recently presented two honorable awards by the well- renowned Global Banking & Finance Review, for ‘Best Islamic Credit Card Program (Easy 36) and the ‘Best Islamic Banking Product (I’teman Account). The two awards were granted to the bank because of their unified efforts as well as the accomplished financial results and the deeply-rooted and well-integrated team work in developing unique and pioneering financial products and services, thus providing customers with a matchless banking experience. The Easy 36 credit card is considered one of the best products that has been a great turnout since its inception. This credit card works as part of the VISA network and offers several benefits to the holders like easy payment for both local and international purchases through equal monthly installments, distributed over 36 months.

Khaleeji Commercial Bank BSC is a Bahrain based Islamic retail bank offering a wide range of high quality Shari'a compliant banking and Investment products and services to retail and high-net-worth clients and corporate customers. It is a public Bahraini shareholding company listed in Bahrain Bourse. The bank remains focused on its local market by offering innovative products and services to its customer base through enhanced electronic channels.