Khaleeji Commercial Bank net profit surges 166.9pc
Manama, August 7, 2014
Khaleeji Commercial Bank (KHCB), a prominent Islamic retail bank, has achieved a net profit of BD 1.2 million ($3.18 million) for the second quarter of 2014, an increase of 166.9 per cent compared to the same period last year.
Compared to the previous quarter, the Q2 profit showed an increase of BD 865,000 ($2.3 million).
The bank’s financial position remains strong with a liquid asset ratio of 27.2 per cent and capital adequacy ratio of 24.2 per cent, the bank said.
Chairman of the bank, Dr Ahmed Al Mutawa’a, said: “During the second quarter, KHCB has delivered a solid performance through focusing on its strategic goals in launching innovative Retail and Consumer Finance products. We were able to grow our financing portfolio by 9.7 per cent and our deposits by 2.6 per cent. The bank continued to maintain a solid liquidity and capital position and was able to progressively respond to market needs. KHCB’s increased presence across the Kingdom emphasises our commitment to providing customers with greater convenience and accessibility. The rapid expansion of the bank’s branch network and introduction of new products for the retail market is a positive sign that KHCB is on track to becoming a leading Islamic retail bank in Bahrain”.
“Our main focus is to offer our existing and new customers innovative and attractive products and services that meet their expectations. Recently the bank announced two new products including a Call Mudharaba Account, which combines the flexibility and convenience of a Current Account with the concept of profit sharing of the Mudharaba Investment Account, and a new credit card (Easy 36) which provides our customers with the convenience of paying back their credit cards’ purchases in equal monthly installments. The bank is well on track to achieve its targets for the year and we look forward towards a promising future,” said KHCB CEO Khalil Ismaeel Al Meer. – TradeArabia News Service