Manama, Kingdom of Bahrain: Khaleeji Commercial Bank (Trading Code: KHCB), one of the leading Islamic Banks in the Kingdom of Bahrain, has announced its third quarter financial results ended 30 September 2021, reporting a net profit of BD2.83 million attributable to the shareholders of the bank, compared to BD 2.07 million for the same period of the previous year an increase of 37.04%. The earnings per share reached 3.526 Fils, compared to 2.572 Fils for the same period of the previous year.

The increase in the net profit is mainly attributed to the increase the Bank achieved in total income before return to investment account holders to reach BD12.71 million during the third quarter of this year, compared to BD11.50 million for the same period in 2020.

Third quarter total income increased by 39.99% compared to the third quarter of 2020, from BD4.48 million to reach BD6.28 million. Profit before impairment allowances increased by 54.98% during the third quarter of this year to reach BD3.69 million, compared to BD2.38 million for the same period last year.

As for the financial results for the first nine months of 2021, the Bank has reported a net profit of BD8.84 million attributable to the shareholders of the Bank, compared to net profit of BD7.78 million for the same period of the previous year an increase of 13.68%. The earnings per share reached 7.268 Fils, compared to 9.674 Fils for the same period of the previous year, and the increase in net profit is mainly attributed to reporting an increase in the income before return to investment account holders to reach BD41.15 million during the first 9 months of this year, compared to BD34.82 million for the same period in 2020, an increase of 18.19%, in addition to the increase in total provisions for the same period compared to last year. Total Income increased by 37.90% during the first nine months of this year to reach BD21.86 million, compared to BD15.85 million for the same period last year. Profit before impairment allowances increased by 69.07% during the first nine months of this year to reach BD13.84 million, compared to BD8.19 million for the same period last year.

The financial results also showed an increase in the Total Owners' Equity (excluding non-controlling interest) by 3.76% reaching BD147.14 million, compared to BD141.81million, as well as an increase in Total Assets by 3.22% reaching BD1,048.25 million, compared to BD1,015.59 million last year.

Total investments in sukuk showed an increase by 8.33% reaching BD282.88 million, compared to BD261.13 million last year. Total Financing and Asset Acquired for Leasing increased by 3.69% bringing it to BD463.99 million compared to BD447.47 million last year. Total Deposits increased by 3.08% reaching BD798.66 million compared to BD774.81 million last year.

Commenting on the financial results, Mr. Jassim Alseddiqi, Chairman of KHCB's Board of Directors, said: "The positive results achieved during this period come as an upshot of the Bank’s unwavering commitment to implementing its effective strategic plans, which delivered an improved performance at various operational levels. These outcomes also reflect the sound policies adopted by the Bank to consolidate its base in order to reach the desired goals, mainly the diversification of revenue sources and following a balanced approach to managing risks and costs, with the aim of increasing the Bank's growth and sustaining profitability, God willing.”

On his part, KHCB CEO Mr. Sattam Algosaibi said: “We have made tangible progress in implementing our plans during the first 9 months of 2021. This includes accelerating digital transformation and continuing to offer innovative banking solutions and services to enhance our valued clients’ experience, individual and corporate, both of which have had a noticeable impact on our financial performance. We are confident that our performance will witness further progress during the coming period. Moreover, we are optimistic that the execution of the economic recovery plan, which was recently announced by the Respected Government, will have significant effects on various sectors, including Banking and Finance, as it is one of the main supportive sectors to the national economy, owing to its clear contributions to the Kingdom’s GDP.”

Mr. Algosaibi added: “We look forward to achieving more successes for the Bank and continuing to provide the best banking services and products, in a way that ensures sustainable profitability and realises rewarding returns for our shareholders. This will allow us to take steady strides in maintaining the leading position KHCB holds in the Kingdom.”

KHCB is a leading Islamic bank that strives to achieve clients' aspirations through an Islamic banking model that offers a comprehensive range of high quality Shari'a-complaint banking services and investment opportunities to individuals and companies.

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