Khaleeji Commercial Bank (KHCB) has announced a total net profit attributable to the bank’s shareholders of BD3.12 million during Q4 2022, compared to BD2.01m in the same period in 2021, an increase of 55.22 per cent.

The increase in net profit is mainly attributable to an increase in the total income before return to investment account holders, reaching BD18.57m in the last quarter of 2022, compared to BD11.34m in the same period of 2021, with an increase of 63.82pc.

Income from financing and ijarah assets amounted to BD9.925m during the fourth quarter of 2022, compared to BD7.725m for the same period of 2021, with an increase of 28.48pc.

Earnings per share were 3.902 fils for Q4 2022, compared to (-)1.222 fils for the same period of 2021.

For the full year 2022, the bank achieved a net profit attributable to the shareholders of BD14.01m, compared to BD10.85m for the same period of the previous year, an increase of 29.06pc.

The increase in net profit is mainly attributed to the increase in the total income before return to investment account holders, reaching BD62.20m, compared to BD52.49m in 2021 an increase of 18.51pc.

The bank reported an increase in income from financing and ijarah assets reaching BD35.725m during 2022, compared to BD29.908m for the same period in 2021, with an increase of 19.45pc.

Earnings per share reached 9.987 fils in 2022, compared to 6.039 fils in 2021.

Total shareholders’ equity has increased by 0.92pc to BD147.6m in 2022, compared with BD146.3m reported by end-2021.

Meanwhile, the bank’s assets saw growth of 22.25pc to BD1,425.7m compared to BD1,166.2m in 2021.

This resulted in a growth of 61.60pc in the investment in sukuk to BD523.33m in 2022 from BD323.85m as of end-2021.

Total deposits increased by 21.94pc to BD1,111.53m, compared to BD911.55m as of end-2021.

Commenting, KHCB chairman Hisham Alrayes stated: “It gives us great pleasure to announce these positive financial results in terms of general performance with increased profits and revenues, thanks to our firm commitment to present our valued shareholders with the best returns through reliance on operational plans that keep pace with modern trends and global changes at various levels, especially in light of economic transformations that necessitate a steady pace forward and a proactive approach in various aspects of our banking operations.”

Mr Alrayes added: “These financial results follow the bank’s adherence to its innovative strategy of developing banking activities and accelerating digital transformation, which has enhanced client satisfaction with our new and innovative products and services. We anticipate further successes and positive results in 2023.”

KHCB chief executive Sattam Algosaibi stated: “We are pleased with the financial and operational results achieved in 2022 which coincide with the bank’s ambitious strategy to actualise the aspirations of shareholders through sustained profitability and revenue growth, as well as the increase of income generated from financing and leasing assets.”

Mr Algosaibi continued: “These financial results reflect the efforts made by the bank to consolidate its leading position in the local market by continuing to develop retail banking services, particularly relative to digital transformation by offering a package of innovative products and services to enhance our valued clients’ banking experience.”

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