Khaleeji Bank has achieved net profit attributable to the shareholders worth BD3.469 million in the final quarter of 2024, compared to a loss of BD402,000 for the same period in 2023, an increase of 963.29 per cent.
Earnings per Share reached 3.20 fils during the final quarter of 2024, compared to -4.25 fils during the last quarter of 2023. The total comprehensive income attributable to owners of the parent company for the final quarter of 2024 amounted to BD3.594m compared to BD1.013m recorded for the same period last year, an increase of 254.79pc. Total Income amounted to BD13.816m during the final quarter of 2024, compared to BD10.692m for the same period in 2023, an increase of 29.22pc.
The financial results also indicated that Khaleeji has achieved a net profit attributable to the bank’s shareholders amounting to BD10.503m for the fiscal year ended December 31, 2024, compared to BD9.003m for the fiscal year ended December 31, 2023, an increase of 16.66pc.
Earnings per share amounted to 10.330 fils compared to 3.753 fils in 2023. The total comprehensive income attributable to shareholders of the parent company during 2024 amounted to BD11.852m, compared to BD7.672m in 2023, an increase of 54.48pc. Khaleeji has reported an increase in total income reaching BD49.960m during 2024 compared to BD47.116m in 2023, an increase of 6.04pc. This increase is mainly attributed to a rise in financing contract revenues as well as revenue from deposits with financial institutions.
Equity attributable to shareholders of the parent company reached BD128.65m in 2024 compared to BD157.39m in 2023, a decrease of 18.26pc.
On the other hand, the bank’s total assets has decreased slightly by 0.42pc to reach BD1,496.13m compared to BD1,502.42m at the end of 2023, while sukuk investments have decreased to reach BD502.14m in 2024 compared to BD522.75m in 2023, a decrease of 3.94pc. The financial results also recorded an increase in total deposits by 4.11pc reaching BD1,101.35m compared to BD1,057.83m at the end of 2023.
Commenting on the financial results, Hisham Ahmed Alrayes, chairman of Khaleeji Bank, has stated: “The positive financial results achieved by the bank in 2024 reflect our firm commitment to promoting sustainable growth and adding value to our shareholders. We believe that our effective strategies and advanced approaches to flexible risk management have contributed to strengthening the bank’s financial position, achieving a strong performance despite the challenges markets are facing today. The increase in revenues and net profit also embodies the quality of our financial services and excellence in providing integrated banking solutions to our clients, which makes us more optimistic about the future.”
Mr Alrayes added: “We anticipate 2025 with more positivity, as we intend to enhance our plans and explore new opportunities for growth. We will continue to invest in innovation and enhancing our customer experience, with a focus on developing strategic partnerships, raising the level of diverse banking services, and expanding technological innovation. We are fully confident that this approach will consolidate our position in the market, leading to better financial results in the future, which will benefit all shareholders.”
For his part, Sattam Sulaiman Algosaibi, chief executive officer of Khaleeji Bank, has stated: “We are pleased to announce these positive results which embody the wise vision of the board of directors, reflecting the dedicated efforts of the team in implementing the bank’s plans and strategies. We understand that ‘innovation’ is the key word that distinguishes us in the banking sector, as we have worked to develop our services in line with client aspirations and the requirements of the digital age.”
Mr Algosaibi continued: “We launched several initiatives with the aim of meeting the needs of companies and individuals in an accelerated and effective manner. This step embodies a comprehensive vision that improves the financial performance of our corporate clients, reflecting our clear strategy of investing in technology and digitising our services. This strategy is based on strengthening the relationship with our clients by providing flexible and integrated banking solutions. We have also worked on developing the ‘Al Waffer’ Account and expanding its prizes by a larger margin, which reflects our constant keenness to encourage a culture of saving. We look forward to further improving our customer experience by providing additional benefits and services specifically designed to meet their needs and ambitions.”
Mr Algosaibi also added: “Our role at Khaleeji is not limited to meeting the needs of clients; we also seek to fulfil our social responsibilities, as we are committed to positively interacting with the community through a range of initiatives that support education and sports, while also enhancing environmental sustainability. Through our active participation in local events and community programs, we emphasise our role as partners in community development, and we continuously work to achieve a positive impact that reflects on all stakeholders.
“Promoting these social values is an integral part of the bank’s identity and falls in line with our future strategies to achieve sustainable growth, reflecting our commitment to making a positive impact in the communities within which we operate. We are confident in our ability to progress and develop in order to achieve the highest levels of success and excellence. We hold an optimistic outlook and seek to spread the culture of innovation and leadership in all areas of our work, which enhances our chances of scoring new and impactful achievements.”
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