Khaleeji Commercial Bank reports 46.56% increase in earnings

MANAMA: Khaleeji Commercial Bank (KHCB) has reported a net profit of BD2.106 million in Q1 of 2021, compared to BD1.437 million for the same period of the previous year, with an increase of 46.56 per cent.

The increase in net profit is mainly due to the growth of total income before return to investment account holders by 5.1pc reaching BD12.828m by the end of the first quarter of 2021, compared to BD12.202m for the same period of the previous year.

Earnings per share amounted to 2.62 fils, compared to 1.79 fils for the same period of the previous year.

Total owners’ equity (after excluding Minority Interests) for the period increased by 1.3pc to BD143.66m compared to BD141.81m for the same period of the previous year.

Total assets for the period ended March 2021 rose by 9.3pc to BD1,109.58m, compared to BD1,015.59m as of end-2020.

Total deposits increased by 12.16pc to BD869.02m compared to BD774.81m last year.

Commenting, KHCB chairman Jassim Alseddiqi said: “We embark upon 2021 with positive financial results that reflect the tireless efforts taken by our team to implement our new strategy, which primarily aims to maintain our shareholders’ interests and focuses on activities with remunerative returns. These promising financial results come in a time where the Covid-19 pandemic still overshadows all aspects of regional and global economies, and this proves our sound strategic initiatives and the bank’s ability to cope with various circumstances and to wisely and ably face challenges.”

Mr Alseddiqi added: “We are hopeful that 2021 will witness overall improvement in all sectors including the banking sector, based on containing Covid-19 impacts and life getting back to normal on a gradual basis.”

KHCB chief executive Sattam Algosaibi said: “Thanks to the wise decisions taken by the board and the holistic strategy adopted since last year, the bank has been capable of maintaining the momentum of its financial and operational performances, allowing us to overcome Covid-19 repercussions with the least possible harm. The bank has also been effective in turning challenges into growth opportunities in its various activities and operations through precise examination and careful consideration of the market’s requirements. We constantly strive to offer innovative banking solutions and services that meet the needs of both our individual and corporate clients, best realising their financial and banking needs with flexible procedures and seamless transactions that is satisfactory to all.”

Mr Algosaibi added: “Achieving these encouraging indices in our financial performance reflects our persistent commitment to enhancing the bank’s leading position by focusing on profit-generating operations, offering innovative solutions and products that contribute to sustaining our sincere endeavours to deliver an unmatched banking experience to all our valued clients. During this year, the bank will move on to achieving the main objectives of its new strategy, mainly accelerating digital transformation while applying the latest technologies in banking services, adopting the best practices in fintech to improve our client banking involvement, and launching a new set of state-of-the-art banking products.”

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