Khaleeji Commercial Bank (KHCB), an Islamic retail bank, has reported a net profit of BD3 million ($7.95 million) for last year as against a net loss of BD19.2 million reported in 2013.

For the last quarter of the year, the bank's net profit was BD836,000, said a report in the Gulf Daily News (GDN), our sister publication.

"With these results, the bank returned to profitability and strengthened its financial position with a liquid assets ratio of 24.9 per cent and capital adequacy ratio of 23.3 per cent,” chairman Dr Ahmad Al Mutawa'a said.

The bank's total assets have grown 9.2 per cent from BD542.2 million in 2013 to BD591.9 million last year.

Total net income growth doubled from BD7 million reported in 2013 to BD14.6 million last year.

The bank said while its weighted average profit distributed to depositors has reduced, results show that these deposits have actually grown by 9.9 per cent, from BD391.9 million in 2013 to BD430.5 million last year. - TradeArabia News Service