Bahrain's KHCB set to continue expansionary policy

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MANAMA: Khaleeji Commercial Bank (KHCB) will continue to pursue an expansionary policy at all levels, through a number of initiatives and development plans aimed at increasing market share and competitiveness, the bank’s chairman has said.

In a report to shareholders, chairman Jassim Alseddiqi said the bank managed to maintain profitability in 2018 despite the challenges of the economic situation, which resulted from the continued instability in the financial markets.

However, last year was another step forward for the strengthening of the bank’s financial position and the quality of its assets, he added.

The report also stated that despite the unfavourable conditions that have prevailed over the past year, KHCB has faced and overcame many challenges thanks to a strategic and conservative approach.

The report was read out during the bank’s annual general meeting chaired by Shaikh Ahmed bin Isa Al Khalifa, the vice-chairman.

The financial statements for 2018 were discussed and approved after which the board of directors’ recommendation to deduct 10 per cent of the net profit for the statutory reserve amounting to BD65,876, as per Article 224 of Bahrain Commercial Companies Law, and the transfer of BD405,576 to retained earnings was ratified.

KHCB chief executive Sattam Algosaibi expressed his satisfaction with the results, pointing out that it came as a result of commitment to strategic goals and efforts by dedicated staff.

“Throughout the past year, the bank has worked on increasing its balance sheet and consolidating its financial position through the growth of assets and liquidity, as well as the development of services provided to customers,” he added.

“We have also adopted an ambitious strategy to enhance revenues on the short and long runs. Accordingly, attention has been focussed by the management on directing funds and balance sheets towards existing local and regional projects that are characterised by the robustness and quality of its assets.”

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