Khaleeji posts $25mln profit for nine months; total income up 52%

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Khaleeji, a leading Islamic bank in Bahrain, has reported a net profit of BD9.41 million ($24.7 million) for the first nine months, down 13.5% compared to the net profit of BD10.88 million ($28.6 million) last year.

Announcing its financial results for the nine-month period ended September 30, 2023, Khaleeji said its total income before return to investment account holders surged to BD66.7 million ($176 million) from BD43.6 million ($114.3 million) last year, thsu registering an increase of 52.85%.

This increase was mainly due to a growth in income from financing and sukuk assets, as well as other fees and income, it stated.

Khaleeji's earnings per share reached 8.004 Fils, compared to 9.827 Fils last year.

On its third quarter results, the Bahrain bank said its net profit attributable to the shareholders of the bank stood at BD2.454 million, compared to BD4.074 million for the same period last year, down 39.76%.

Its total income before return to investment account holders for the third quarter surged by 31% to hit BD21.9 million, compared to BD16.72 million last year. Its earnings per share reached 3.067 Fils, compared to 5.092 Fils for the same period of the previous year.

The financial results for the period ended 30th September 2023 also showed an increase in the total owners' equity (after excluding minority interests) by 1.02% reaching BD 159.38 million, compared to BD 157.77 million in the preceding year, as well as an increase in total assets by 2.61% reaching BD1,462.88 million, compared to BD1,425.69 million in the preceding year, said the bank in its statement.

According to Khaleeji, the total investment sukuk showed an increase by 1.06% reaching BD528.87 million, compared to BD523.33 million in the preceding year.

Total financing and asset acquired for leasing increased by 5.27% bringing it to BD531.49 million compared to BD504.86 million in the same period of the previous year, it stated.

Total Deposits reported a slight decrease by 0.42% reaching BD 1,106.88 million compared to BD 1,111.53 million reported last year, it added.

On the financial results, CEO Sattam Sulaiman Algosaibi said: "These results demonstrate our commitment to maintaining a positive financial performance, while also enhancing our business model to align with current trends and developments."

"This involves identifying productive new partnerships and areas of growth that are in line with our ambitions to enhance the bank's leadership and positive outcomes. These efforts are made possible through an innovative business model centered on digital transformation and a proactive approach to leveraging diverse developments, both domestically and globally," he added.