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Manama, Kingdom of Bahrain: Khaleeji Commercial Bank (Trading Code: KHCB) has announced its Financial Results for the first quarter ended 31st March 2021, reporting a Net Profit of BD 2.106 million Attributable to the Bank’s Shareholders, compared to BD 1.437 million for the same period of the previous year, with an increase of 46.56%. The increase in Net Profit is mainly due to the growth of Total income before return to investment account holders by 5.1% reaching BD 12.828 million by the end of the first quarter of 2021, compared to BD 12.202 million 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.
The Financial Results also showed an increase in Total Owners' Equity (after excluding Minority Interests) for the period ended 31st March 2021 by 1.3% reaching BD 143.66 million, compared to BD 141.81 million for the same period of the previous year. As well as an increase in Total Assets for the period ended 31st March 2021 by 9.3%, reaching BD 1,109.58 million, compared to BD 1,015.59 million last year. Total Deposits increased by 12.16% reaching BD 869.02 million compared to BD 774.81 million last year.
Commenting on the Financial Results, Mr. Jassim Alseddiqi, Chairman of KHCB's Board of Directors, 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, supported by the National Medical Team’s breakthrough of achieving the National Campaign goals to combat the Virus, making the Kingdom of Bahrain, as usual, the leading country in implementing the best practices in precautionary measures to ensure public health to citizens and residents alike. In this regard, we reiterate our deep appreciation and gratitude to the Wise Leadership, the Respected Government, and the Medical Workforce for their prudent directives and constant endeavors to curb the spread of this global pandemic. With God’s will, 2021 will be a milestone to strengthen our financial performance by investing more in Sukuk to finance our future plans and diversify our financing portfolio, in turn enhancing the main pillars of our new strategy to be one of the best choices of Islamic banking"
For his part, KHCB CEO Mr. Sattam Sulaiman 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 realizing 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 endeavors 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. With our robust liquidity and stable financial position, KHCB will advance on the right track to expand its Partners Base by establishing new strategic partnerships which will have the greatest impact on increasing and diversifying its financing activities.”
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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© Press Release 2021
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