Manama, Kingdom of Bahrain: Khaleeji Bank B.S.C has achieved Net Profit Attributable to the Shareholders worth BD 3.469 million in the final quarter of 2024, compared to a loss of BD 402,000 for the same period in 2023, an increase of 963.29%.

Earnings per Share reached 3.20 Fils during the final quarter of 2024, compared to -4.25 Fils during the last quarter of 2023. The Total Comprehensive Income Attributable to Owners of the Parent Company for the final quarter of 2024 amounted to BD 3.594 million compared to BD 1.013 million recorded for the same period last year, an increase of 254.79%. Total Income amounted to BD 13.816 million during the final quarter of 2024, compared to BD 10.692 million for the same period in 2023, an increase of 29.22%.

The financial results also indicated that Khaleeji has achieved a Net Profit Attributable to the Bank’s Shareholders amounting to BD 10.503 million for the fiscal year ended 31st December 2024, compared to BD 9.003 million for the fiscal year ended 31st December 2023, an increase of 16.66%.

Earnings per share amounted to 10.330 Fils compared to 3.753 Fils in 2023. The Total Comprehensive Income Attributable to Shareholders of the Parent Company during 2024 amounted to BD 11.852 million, compared to BD 7.672 million in 2023, an increase of 54.48%. Khaleeji has reported an increase in Total Income reaching BD 49.960 million during 2024 compared to BD 47.116 million in 2023, an increase of 6.04%. This increase is mainly attributed to a rise in financing contract revenues as well as revenue from deposits with financial institutions.

Equity Attributable to Shareholders of the Parent Company reached BD 128.65 million in 2024 compared to BD 157.39 million in 2023, a decrease of 18.26%.

On the other hand, the bank’s Total Assets has decreased slightly by 0.42% to reach BD 1,496.13 million compared to BD 1,502.42 million at the end of 2023, while Sukuk Investments have decreased to reach BD 502.14 million in 2024 compared to BD 522.75 million in 2023, a decrease of 3.94%. The financial results also recorded an increase in Total Deposits by 4.11% reaching BD 1,101.35 million compared to BD 1,057.83 million at the end of 2023.

Commenting on the financial results, Mr. Hisham Ahmed Alrayes, Chairman of Khaleeji Bank, has stated “The positive financial results achieved by the bank in 2024 reflect our firm commitment to promoting sustainable growth and adding value to our shareholders. We believe that our effective strategies and advanced approaches to flexible risk management have contributed to strengthening the bank’s financial position, achieving a strong performance despite the challenges markets are facing today. The increase in revenues and net profit also embodies the quality of our financial services and excellence in providing integrated banking solutions to our clients, which makes us more optimistic about the future.

Mr. Alrayes added “We anticipate 2025 with more positivity, as we intend to enhance our plans and explore new opportunities for growth. We will continue to invest in innovation and enhancing our customer experience, with a focus on developing strategic partnerships, raising the level of diverse banking services, and expanding technological innovation. We are fully confident that this approach will consolidate our position in the market, leading to better financial results in the future, which will benefit all shareholders.”

For his part, Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer of Khaleeji Bank, has stated “We are pleased to announce these positive results which embody the wise vision of the Board of Directors, reflecting the dedicated efforts of the team in implementing the bank’s plans and strategies. We understand that ‘innovation’ is the key word that distinguishes us in the banking sector, as we have worked to develop our services in line with client aspirations and the requirements of the digital age.”

Mr. Algosaibi continued “We launched several initiatives with the aim of meeting the needs of companies and individuals in an accelerated and effective manner. This step embodies a comprehensive vision that improves the financial performance of our corporate clients, reflecting our clear strategy of investing in technology and digitising our services. This strategy is based on strengthening the relationship with our clients by providing flexible and integrated banking solutions. We have also worked on developing the ‘Al Waffer’ Account and expanding its prizes by a larger margin, which reflects our constant keenness to encourage a culture of saving. We look forward to further improving our customer experience by providing additional benefits and services specifically designed to meet their needs and ambitions.”

Mr. Algosaibi also added “Our role at Khaleeji is not limited to meeting the needs of clients; we also seek to fulfil our social responsibilities, as we are committed to positively interacting with the community through a range of initiatives that support education and sports, while also enhancing environmental sustainability. Through our active participation in local events and community programs, we emphasise our role as partners in community development, and we continuously work to achieve a positive impact that reflects on all stakeholders. Promoting these social values ​​is an integral part of the bank’s identity and falls in line with our future strategies to achieve sustainable growth, reflecting our commitment to making a positive impact in the communities within which we operate. We are confident in our ability to progress and develop in order to achieve the highest levels of success and excellence. We hold an optimistic outlook and seek to spread the culture of innovation and leadership in all areas of our work, which enhances our chances of scoring new and impactful achievements.”

Notable Achievements of 2024:

Khaleeji Bank had remarkable achievements in the fields of banking innovation and customer service during the year 2024, reflecting its commitment to meeting the changing needs of clients and enhancing its leadership in the banking sector. Among the most prominent of these achievements was the launch of the “Hafeez” platform, an innovative digital banking platform designed to meet the needs of companies, which was updated by adding new services that facilitate procedures and enhance efficiency. The application won the "Top Corporate Banking App GCC 2024" award from the prestigious International Business Magazine, which embodies the bank’s commitment to providing modern banking solutions that suit a wide segment of clients from retail to corporate.

Khaleeji has continued to develop the “Al Waffer” Account by announcing 9 Grand Prizes and 35 monthly cash prizes with a total value exceeding USD 3 million, of which USD 2 million were raffled for five depositors last December. The bank has also launched promotional stands in shopping malls, which included interactive activities with the public to introduce the advantages of the “Al Waffer” Account and the bank’s credit cards, in addition to instant cash prizes, contributing to enhancing awareness of its banking offers.

In its relentless pursuit to complete this success, Khaleeji has concluded several strategic partnerships, including cooperation with “Opportunity Network” to provide global business opportunities to its clients, in addition to partnering with several companies, including Arcapita Group Holding to obtain financing facilities worth USD 50 million, in addition to Al Areen Holding Company and Durrat Al Bahrain to provide flexible and distinctive financing solutions to its clients.

On the technical level, Khaleeji has launched its enhanced open banking services, which allow clients to manage accounts from multiple banks through a single platform, providing them with great flexibility. On a related note, the bank has obtained the ISO 22301:2019 certificate for Business Continuity Management, demonstrating its commitment to the highest international quality standards in the sector.

Last year, Khaleeji has won the “Best Rebranded Bank Bahrain 2024” award from the prestigious International Business Magazine, in addition to other awards at the Bahrain Digital Content Awards 2023, besides being included among the Top 50 Most Powerful Bahraini Companies list. All these achievements show the bank’s transformation into an integrated hub for innovation and financial services, as part of its continuous efforts to enhance its customer experience and adapt to rapid changes in the market.

Social Responsibility:

Khaleeji has also strengthened its commitment to social responsibility during the past year through various activities, as it has sponsored the Nasser bin Hamad Football Championship for schools in cooperation with the Ministry of Education. The bank has also participated in the National Tree Planting Initiative with the Southern Municipality to enhance green spaces. Additionally, Khaleeji has participated in the Ring the Bell for Gender Equality 2024 campaign in cooperation with Bahrain Bourse, reflecting its support for the principle of equal opportunities. In addition, the bank has organised a field trip for young participants of the “Lame’a Junior” Program at Youth City 2030 to introduce them to banking. Lastly, Khaleeji has provided support to families affected by the fire incident at Al Lawzi by providing them with residential apartments. As a result of these efforts, Khaleeji Bank has received the Al Bilad Shield for Corporate Social Responsibility 2024 in honour of its prominent role in promoting economic excellence.

The press release and the full audited financial statements are available on Bahrain Bourse website on www.bahrainbourse.com.