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Khaleeji Commercial Bank held its Annual General Meeting for the financial year 2012 on 4 March 2012

Khaleeji Commercial Bank held its Annual General Meeting for the financial year 2012 on 4 March 2012 at Dana Ballroom, Gulf Hotel.

The Annual General Meeting's agenda included review of the minutes of the previous AGM and its approval, as well as discussion of the final accounts for the financial year ended 31 December 2011, and their ratification, in addition to the review of the governance report and hearing the reports of the external auditors and the Shari'a Supervisory Board.

On this occasion, Mr. Fuad Al Omar, Chairman of the Board of Directors of Khaleeji Commercial Bank, said: "The year 2011, which was the 7th successive year since the Bank commenced operations, was full of challenges. The economic environment and business market in the region are still difficult in view of the continued global financial and political crisis and the continued downturn in the targeted economic activities."

While reviewing Khaleeji Commercial Bank's operations for this year, Dr. Al Omar added: "Our business model has proved to be successful, and we have managed to realize the goals set as part of the Bank's new strategy. We have focused on private commercial banking in the retail market in Bahrain by expanding the commercial banking activities and retail finance by expanding the local branches network and improving electronic distribution challenges. In addition, we have increased the Bank's share in the corporate banking activities and expanded investment activities in regional markets by
benefiting from the factors of success the Bank possesses. KHCB has maintained its strong liquid position, where liquid assets represent 26.1% of its total assets, in addition to a comfortable capital adequacy position standing at 27.1%. At the same time, KHCB has increased its balance sheet by 6.8% to reach BD 447 million and total income by 17.7%. On the other hand, the consumer finance portfolio has been increased to BD14.9 million, with the Bank's income from commercial banking activities increasing by 4.4% and customer deposits increasing to 21.6%, or BD 227 million, reflecting the market's confidence in the Bank's products and services."

Dr. Fuad Al Omar predicted that challenges facing the banking sector will continue during the year 2012: "KHCB will not be immune to these challenges. However, the Board of Directors is aware that there are many promising opportunities to expand the Bank's activities. The main challenges facing the Bank on the medium term is to become a pioneering banking institution on the markets where it operates. To this end, we have to continue expanding and exploring more options and opportunities available, including increasing commercial banking business. The Board of Directors believes that KHCB has laid down a strong foundation through which it can implement the new strategic plan and explore new potential opportunities," he said.

During the AGM, the participants extended appreciation and thanks to the Bank's Board of Directors, senior management and employees for their dedication and hard work which contributed to the realization of these results. The AGM also expressed confidence in KHCB's ability to cope with the difficulties the markets are facing and draw up suitable plans to achieve more successes.