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Home |MutliMedia | News | Khaleeji Commercial Bank announces q2 results and expands commercial banking business; to launch consumer products in q3

Khaleeji Commercial Bank announces q2 results and expands commercial banking business; to launch consumer products in q3


Khaleeji Commercial Bank (KHCB), announced today that it has posted a net profit of BD 1.02 million for the first half of 2010 (BD 7.12 million during the same period 2009). The Bank’s commercial banking business continued to expand with income from Commercial Banking activities growing by 13.39% over the same period in 2009. The Bank’s financial position remained strong with liquid asset ratio of 20.71% and capital adequacy ratio of 31.04%. During the second quarter of the year the Bank posted a net profit of BD 0.51 million.

Commenting on these results, Dr. Fuad Al-Omar - Chairman of KHCB, said, “Given the difficult market conditions, KHCB has focused on diversifying and expanding its business while maintaining a conservative liquidity and capital position. Liquidity and capital position remains solid with ratios much in excess of regulatory requirements. While the markets remain difficult, we will continue to focus on expanding and diversifying our business and customer base through the launch of Retail and Consumer Finance products that are in line with the new strategic direction..”

KHCB's Chief Executive Officer and Board Member, Mr. Ebrahim H. Ebrahim, added: "KHCB’s plan to diversify and expand its business has been instrumental in securing continued growth. We were able to grow our financing portfolio by over 3.31% compared with December 2009. Customer Deposits remained stable at the level of December 2009. This reflects our customers’ continuing and increasing confidence in our banking products and services. KHCB will continue to introduce new retail products to meet its customers’ needs. In addition, the board has put through a new strategy directed towards launching Retail Banking business and expanding commercial banking. This will be a transitional phase where the bank will be offering a wider range of products including Real Estate Finance, Car Finance, Personal Finance and Credit Cards and at the same time expanding our distribution channels by opening new branches. We will also continue to work on diligently managing the investment projects structured and brought to market by the Bank and expect to partially exit some of these in the second half of 2010. ”