Khaleeji Commercial Bank continues to achieve positive results

Total income before return to investment account holders for the second quarter of 2021 increased by 40.48%

  

MANAMA: Khaleeji Commercial Bank (KHCB), has announced total net profit attributable to the bank’s shareholders of BD3.901 million for the second quarter of 2021 compared with BD4.271m for the same period last year, with a decrease of 8.66pc, while the earnings per share for the second quarter of 2021 amounted to 1.12 fils, compared with 5.31 fils for the same period of the previous year.

Total income before return to investment account holders for the second quarter of 2021 increased by 40.48pc to BD15.611m, compared to BD11.113m for the same period of last year.

For the six-months ended June 30, 2021, the bank reported a net profit of BD6.007m attributable to the shareholders compared to BD5.709m for the same period last year, with an increase of 5.22pc.

The earnings per share for the period amounted to 3.74 fils compared to 7.10 fils for the comparable previous period.

The increase in net profit during the first half is mainly due to the increase of total income before return to investment account holders by 21.97pc reaching BD28.439m compared to BD23.316m for the same period of the previous year.

Total owners’ equity (after excluding the equity attributable to minority) for H1-2021 increased by 1.91pc to BD144.519m, compared to BD141.81m last year, in addition to an increase in total assets by 2.49pc to BD1040.859m compared to BD1,015.594m last year.

There was an increase in deposits by 3.15pc, reaching BD799.185m, compared to BD774.813m last year.

Sukuk investments also showed an increase of 11.15pc to BD290.244m in comparison with BD261.132m last year.

KHCB chairman Jassim Alseddiqi said: “We continued to achieve positive results on the level of general performance, with an increase in profits and revenues thanks to our solid commitment to achieving the best returns for our shareholders and diversifying sources of income. This has contributed remarkably to the continuation of our stable financial and operational performance during the first half of this year, despite the unprecedented circumstances imposed by the Covid-19 pandemic on various financial markets and institutions locally, regionally, and globally.”

Mr Alseddiqi added: “Thanks to the adoption of an innovative strategy to develop banking activities and accelerate digital transformation in various fields, we hope to continue this financial and operational performance during the second half of this year, especially with the decline in the pandemic’s effects and life gradually returning to normal.”

KHCB chief executive Sattam Algosaibi said: “These results clearly reflect the success achieved by the bank’s plans and initiatives to maintain its leading position among Islamic banks in the kingdom. The performance also indicates clients’ great confidence in our operations, services, and innovative solutions that meet their various banking needs.”

He added: “KHCB is continuing to accelerate plans for digitising operations in line with the requirements of clients, as well as bolstering its leading position in the market. During the second half of this year, we look forward to offering more innovative services and products to our clients, both individuals and companies, in addition to opening our new branch in Wadi Al Sail Mall. The new branch will be equipped with the latest in financial technology, and its modern and practical design to provide services to our valued clients with ease and comfort. We will continue entering into strategic partnerships with business partners to enhance the bank’s financing portfolio.”

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