Bahrain - Kaleeji Commercial Bank (KHCB) has announced its financial results for the first quarter ended March 31, 2022, reporting a net profit of BD3.448 million attributable to the bank’s shareholders, compared to BD2.106m for the same period of the previous year, with an increase of 63.18 per cent.

The increase in net profit is mainly due to the growth of total income before return to investment account holders by 6.82pc reaching BD13.703m by the end of the first quarter of 2022, compared to BD12.828m for the same period of the previous year.

Earnings per share amounted to 4.29 fils, compared to 2.62 fils for the same period of the previous year.

The financial results also showed an increase in total owners’ equity (after excluding minority interests) for the period ended March 31, 2022 by 0.64pc reaching BD147.23m, compared to

BD146.3m last year, as well as an increase in total assets for the period ended March 31, 2022 by 5.31pc, reaching BD1,228.11m, compared to BD1,166.18m last year.

Total deposits decreased by 0.81pc reaching BD904.17m compared to BD911.55m last year.

Commenting, chairman Hisham Alrayes said: “We are contented to achieve positive financial results in all of the bank’s activities during the first quarter of this year, as it constitutes a promising start for us in the year 2022, and in a manner that translates the institutional constants established by the bank, with the aim of reducing risks and adapting to challenges and market changes, in order to ensure raising our market share, seize promising opportunities and enhance high-quality assets.”

Mr Alrayes added: “These results are in line with our continued efforts to improve the efficiency of our resources and maximise its productivity, which is reflected in raising the level of the bank’s operational performance. It also come at the time when we embarked on working to devote our efforts to laying solid foundations for future growth, with the aim to enhance the return on investment for shareholders by exploring new paths for banking and opening innovative frameworks that enhance the level of the banking experience provided to clients. The encouraging indicators shown by the Bahraini economy will have a tangible impact on the various vital sectors, especially the banking sector. Therefore, we are confident that the upcoming results will come with more positive indicators.”

For his part, Sattam Algosaibi, chief executive of KHCB, said: “The positive results reported in the first quarter of this year reflect our serious commitment and keenness to continue building on the achieved successes and accomplishments, while basing on a business model that guarantees us efficiency in operation, achieving more returns on investment in infrastructure, services and products. Therefore, the net profit attributable to shareholders recorded by the bank during this period witnessed a remarkable growth of 63.18pc compared to the same period last year.”

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