Manama: Khaleeji Commercial Bank (KHCB), a prominent Islamic retail Bank in the Kingdom of Bahrain, announced achieving positive financial results in the third quarter for the nine months period ending 30th September 2014 registering a net profit of BD2.21 million compared to a net loss of BD30,000 for the same period last year.
The Bank has achieved a profit of BD1 million for the last three months ending 30th September 2014 compared to a net loss of BD480,000 for the same period last year. The Bank’s financial position remains strong with a liquid asset ratio of 28.6% and capital adequacy ratio of 25.1%.
“We are delighted to announce positive financial results for the Third Quarter of 2014. KHCB delivered a solid performance so far this year as we were able to grow our financial portfolio by 9.4% and our deposits by 5.7%. The Bank continued to maintain solid liquidity and capital positions and was able to progressively respond to market needs. In addition to announcing the positive financial results, the Board of Directors approved KHCB’s strategy for the coming 3 years, which reiterates their support to the Bank with regards to the continuation of the Bank’s expansion plans in the near future. KHCB plans on opening two new branches early next year, thus increasing the total number of branches to 10 in the Kingdom in order to become closer to our clients and provide them with a more convenient banking experience,” KHCB’s Chief Executive Officer Khalil Ismaeel Al Meer, said.
“On this occasion I would like to commend our team for their hard work and dedication, which enabled the Bank to achieve its target. KHCB continues to enhance its current offerings, the latest of which were the Easy 36 Credit Card, which comes with exceptional features whereby a customer can repay a purchase made in or outside Bahrain over 36 equal monthly installments and the Call Mudharaba Account, which is an Investment Account, allowing account holders to perform banking transactions such as withdrawals and deposits and at the same time receive profit on a quarterly basis. Moreover, we are constantly working to improve our products offering through our distribution channels including our commercial branches, ATM’s, electronic banking and mobile phone applications,” he added.
“KHCB has signed agreements with different real estate developers, since the start of this year, to offer their clients financing through the Bank. One of the most recent corporate financing deals was for the construction of a new specialist hospital in Bahrain worth 7 million Bahraini Dinars located in Riffa’a. This is part of the support we extend to investment projects as well as private sector businesses to enable them to become fundamental stimulators to the development in the Kingdom, thus contributing to the growth of economy in Bahrain. We intend to progress along these lines and succeed in our accomplishments in order to position KHCB at the forefront of this sector.”
Headquartered in the Kingdom of Bahrain, Khaleeji Commercial Bank BSC is a fast growing Islamic retail bank that endeavors to achieve its vision to be a leading domestic and regional Islamic Bank, providing a comprehensive range of high quality Shari’a compliant banking and investment opportunities to their customers and corporate clients.