Bahrain’s economic indicators show robust growth

Khalid Hamad Abdulrahman, Executive Director of Banking Supervision at Central Bank of Bahrain, centre, with Chairman of the bank Dr. Fuad Al Omar and bank’s COO Silvan Varghese with other officials at the opening on Monday
The Kingdom of Bahrain’s economy is doing well with banking sector showing strong growth in loans portfolio, deposits and overall better returns over the past one year, a senior official at the Central Bank of Bahrain said on Monday.

Khalid Hamad Abdulrahman, Executive Director of Banking Supervision at Central Bank of Bahrain, who opened the Khaleeji Commercial Bank’s (KHCB) 6th branch in Riffa’a, said that the loan portfolio and deposits of the banks posted 6.2% and 8% growth respectively at end of July 2012 compared with July last year.

“All other segments of the banking system are doing well, sowing the confidence of the investors and end consumer coming back after a brief lull in 2011,” Khalid Hamad said.

The new branch is located strategically and offers vital and fully fledged banking services and is the sixth in its branches network. The ceremony was attended by Dr. Fuad Al Omar, Chairman of the Bank, some members of the Board of Directors, Silvan Varghese, COO and Deputy CEO, and other members from the senior management team and staff of the Bank.

Dr. Fuad Abdulla Al Omar, Chairman of the Board of Directors, while commenting on the KHCB’s outlook said that the bank was projected to achieve 15% annual growth this year.
“The bank is treading on the right path of two-year strategy which stipulated to achieve 30% growth in two years. We are close to complete the one year by achieving 15% targets,” Dr Fuad said.

“We are very delighted to open our new branch in Riffa’a area, which is the sixth amongst the branches network. It is part of our strategic plan to expand our network of branches and cover important cities and areas around the Kingdom. Placed in a major location within Riffa’a, our branch will provide comprehensive banking solutions to our VIP clients and customers within the reach of their own neighborhood in one of Bahrain’s most important cities. The Bank is also planning to open another branch in Lulu Hypermarket in Hidd area very soon. KHCB aims at strengthening its presence in prime locations to ensure convenience for our customers and serve them better”.

“KHCB’s new branch will offer retail and corporate banking services including comprehensive consumer financing solutions for personal, auto and real estate. The Bank also offers three types of Visa Credit Cards with Falcon Flyer benefits. Furthermore, the branch will offer various deposits accounts including our successful Al Waffer savings account which offers attractive cash prizes on deposits. In addition, there are other attractive deposits accounts available such as Murabaha Advanced and Thabet accounts which offer high profit rates on long term deposits,” Silvan Varghese, Chief Operating Officer and Acting CEO, said.

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