MANAMA: Khaleeji Commercial Bank (KHCB) has announced its financial results for the second quarter ended June 30, 2022, reporting a net profit attributable to the bank’s shareholders of BD3.362 million, compared to BD3.901m for the same period of the previous year, with a decrease of 13.82 per cent.
Earnings per share amounted to 0.45 fils, compared to 1.12 fils for the same period last year.
Total income before return to investment account holders for the second quarter of 2022 amounted to BD13.208m, compared to BD15.611m reported in the same period of the previous year, with a decrease of 15.39pc.
As for the biannual financial results for the period ended June 30, 2022, KHCB reported a net profit attributable to the bank’s shareholders of BD6.810m, compared to BD6.007m in the first half of last year, with an increase of 13.37pc, while earnings per share for the period ended June 30, 2022 amounted to 4.74 fils, compared to 3.74 fils for the first half of the previous year.
Total income before return to investment account holders for the period ended June 30, 2022 amounted to BD26.911m, in comparison with BD28.439m reported in the first half of last year.
The financial results also showed a decrease in total owners’ equity (after excluding minority interests) for the period ended June 30, 2022 by 1.71pc reaching BD143.797m, compared to BD146.298m for the same period of the previous year.
This is in addition to an increase in total assets for the period ended June 30, 2022 by 6pc, reaching BD1,236.144m, compared to BD1,166.184m reported in the same period last year, as well as an increase in deposits by 0.84pc to BD919.237m, compared to BD911.547m last year.
The results also witnessed an increase in sovereign sukuk by 1.83pc, reaching BD300.453m, in comparison with BD295.040m for the same period last year.
Commenting, Sattam Algosaibi, chief executive of KHCB, stated, “KHCB is proceeding at a steady pace by achieving positive financial results on the level of its general performance, despite all the challenges that the world is witnessing in recent times that have resulted in several measures at all levels, as we have worked during the past six months to launch a number of initiatives that significantly contributed to the stability of our financial performance and growth of the bank’s profit. This includes the introduction of a range of innovative products on the level of saving, deposits, and financing for our individual and corporate clients, in addition to our expansion into advanced digital banking services, in line with the latest financial technologies.”
Mr Algosaibi added, “In keeping abreast with the currents requirements of this era and our constant endeavour to provide a comfortable and innovative banking experience to our clients through the branch network, KHCB continues to work on implementing its ambitious project to digitise branch services and we look forward to completing an advanced stage of this project by the end of this year, while the bank continues to develop its digital services available through other channels, including the Khaleeji Mobile App which has added more services that can be done through it quickly and easily without the need to visit branches, and the bank is also working on adding more services to its application during the coming period. The bank will also continue to launch a set of products and services that meet our valued clients’ expectations, both individuals and companies, in addition to entering into more strategic partnerships to enhance the bank’s financing portfolio.
Mr Algosaibi concluded, “We will continue to look forward to the future with optimism, while relying on the quality of our products and services, as well as our commitment to dedicating all efforts to advance the bank towards broader horizons of growth and development. I would like to take this opportunity to extend my sincere gratitude and appreciation to our valued shareholders and clients for their trust, and to also commend the sincere efforts exerted by our staff to reinforce the bank’s leading position among Islamic banks in the kingdom.”
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