Khaleeji Commercial Bank reports net profit increase by 168%
Khaleeji Commercial Bank (KHCB) reported a net profit of BD 32.5 million for the past nine month period, an increase of 168% compared to BD 12.1 Million reported for the same period last year. Total assets reached BD 480 Million, an increase of %92 over the same period last year. The strong results reflect robust growth in the Bank’s operations during the year.
Return on average assets improved to %10.7 and Return on Average Capital increased to %43.3. Earning Per Share increased by %106 to 33 fils per share. Deposits including unrestricted investment accounts reached BD 241 Million, an increase of %221 from December 2007. Financing assets also showed considerable growth reaching BD 161 Million, an %83 increase over figures recorded by the end of 2007.
Dr. Fuad Al-Omar – Chairman of KHCB said “We are extremely pleased with the performance of the Bank in a very difficult environment, which indicates the strength of the strategy devised by our board of directors, focusing on business in the GCC, MENA and South Asia. The Bank’s capital position remains very strong with both liquidity ratio and capital adequacy significantly in excess of legal and regulatory requirements. The Bank is mindful of the market situation and the diverse effects of the current fluctuations on the financial markets worldwide so as to devise suitable plans for the coming period and avoid any direct or indirect effect on the Bank’s operations and future plans. We believe we can positively deal with the challenges that face the banking sector in a way that ensures high returns for the customers and shareholders through carefully selecting and diversifying the investment opportunities.”
CEO and Board Member of Khaleeji Commercial Bank, Mr. Ebrahim H. Ebrahim commented on these results, “Our results for the past nine months reflect the Bank’s steady growth in both investment and commercial banking businesses, highlighting the Bank’s strong financial position and capability of putting the current fluctuations to the benefit of the goals set by the Bank’s board, which are to preserve a high liquidity ratio and capital adequacy to achieve high returns for our customers and shareholders. We are constantly cooperating with the Central Bank of Bahrain and other institutions to overcome the current financial turmoil.”
Regarding the Bank’s investments during the past nine months, Mr. Ebrahim added, “In July we launched Global Logistix, an investment in India comprising of an integrated logistics park on 400 acres of land in Navi Mumbai and its surrounding areas with a total size of USD 430 Million. The response to the product has been very positive even in the very difficult market conditions. Global Logsitix follows the successful closing in the first half of the year of both Jawhara Greens (Qatar) and Danat India investment products. In addition, the Bank successfully closed its Restricted Investment Mudharaba Account, RIA 5 - North Gate which was launched this year”.
Mr. Ebrahim went on to say, “Despite the fact that the current market conditions pose challenges across the world, we are constantly developing new Shari’a-compliant banking and investment products in addition to the possibility of exiting from a number of our current investment products in the few coming months.”
The Bank has recently announced the introduction of new banking services to ensure more ease of access to the customers through the launch of our electronic banking and SMS banking services. Two new ATMs are now operational in Seef Mall and City Centre Mall, while more are to be placed in strategic positions in order to provide the customers with more services.
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