Khaleeji Commercial Bank's (KHCB) net profit fell to BD3.1 million ($8.22 million) for the year 2009 compared to BD27.3 million in 2008.

Total assets grew marginally by 1.9 per cent to BD473.6 million compared to 2008. However financing assets grew significantly by 26.5  per cent to BD200.6 million and Unrestricted Investment Accounts also showed a growth of 25 per cent to BD203.6 million.

The bank continued to maintain strong liquidity and capital positions with a liquid asset ratio of 30.5 per cent capital adequacy ratio of 34 per cent, said a statement.

KHCB's board has recommended a dividend of 10 per cent in the form of bonus shares.

“Against the backdrop of global financial crisis and difficult regional environment, we are pleased with the results of the Bank, which is in line with long term objectives,” said Dr Fuad Al-Omar, chairman of Khaleeji Commercial Bank.
  
“We are cautiously optimistic about the prospects for 2010, especially given our plans to expand our consumer finance business. We expect to launch several new products in 2010 targeted at different segments of the market,” added CEO and board member of Khaleeji Commercial Bank, Ebrahim H. Ebrahim.-TradeArabia News Service