Kkaleeji Bank, one of the leading Islamic banks in Bahrain, announced its financial results for the period ended March 31, 2025.
The bank achieved a net profit attributable to shareholders of BD3.243 million, compared to BD3.008m in the first quarter of 2024, an increase of 7.81 per cent. Earnings per share for the period decreased to 3 fils, compared to 3.69 fils for the first quarter of last year.
Total income increased to BD15.056m, compared to BD12.902m in the first quarter of 2024, an increase of 16.70pc.
Total comprehensive income attributable to the shareholders of the parent company increased to BD3.466m, compared to BD2.925m for the first quarter of last year, an increase of 18.50pc.
This increase is mainly attributable to an increase in income from financing contracts and a decrease in financing expenses during the first quarter of 2025.
Total assets for the same period decreased by 2.91pc to BD1.452.65m as at end-March 2025, compared to BD1.496.13m as of end-2024.
Sukuk investments decreased by 9.01pc to BD456.91m compared to BD502.14m as at end-2024, while financing contracts increased to BD764.54m compared to
BD721.17m as of end-2024. Total equity attributable to the shareholders of the parent company for the period ended March 31, 2025 decreased by 2.12pc to BD125.35m, compared to BD128.06m as of end-2024.
In a related context, Khaleeji Bank announced the appointment of Yousif Taqi as the new chairman of the board of directors, succeeding Hisham Alrayes, who has chosen to focus on GFH Financial Group.
Mr Taqi, a veteran Bahraini banker with over 35 years’ experience, was nominated by GFH.
He holds a bachelor’s degree in accounting from Husson University, USA, and is a certified public accountant.
Mr Alrayes welcomed the appointment of Mr Taqi, praising his extensive expertise in Islamic banking and expressing full confidence in his ability to lead the bank into the next phase of implementing its new strategic growth objectives.
Commenting on the financial results, Mr Alrayes said: “We are delighted to announce these strong financial results for Khaleeji Bank’s operations during the first quarter of 2025, which reflect our ongoing efforts to achieve our strategic goals and deliver the best services to our valued customers. These promising results mark a positive start, reinforcing confidence in our growth and positively impacting the group’s market value.”
For his part, Mr Taqi, said: “I am honoured and delighted to be chosen as chairman at this important stage of the bank’s journey. I look forward to building on its achievements, and working with fellow board members and the executive management to develop innovative strategies that enhance the bank’s position in the sector and meet the aspirations of our valued customers.”
Commenting on the financial results, Sattam Algosaibi, chief executive of Khaleeji Bank, said: “The financial results for Q1 2025 demonstrate the continued success of the bank’s robust business model and effective strategy, with a focus on financial discipline, improving income, and driving sustainable growth to enhance profitability. This was reflected in the growth of net profit attributable to shareholders by 7.81pc to BD3.243m, compared to BD3.008m in Q1 2024. We also achieved an increase in financing contracts revenue, contributing to growth in both total and comprehensive income attributable to the parent company’s shareholders. These positive results embody our commitment to delivering positive returns and profits for our esteemed shareholders.”
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