Bahrain's KHCB announces net profit of BD1.1m in Q3 

(MENAFN Press) Khaleeji Commercial Bank (KHCB) today announced that it has posted a net profit of BD1.1 millions for the last three months ended 30th September 2009 (BD 6.3 Million during the same period in 2008). The Bank has recorded a net profit of BD8.3 millions for the nine month period ended on September 30, 2009 (BD 32.5 Million during the same period in 2008).

During the year, the Bank’s businesses continued to expand with unrestricted investment accounts (URIA) growing by 20% to BD195 Million and financing assets growing by 26% to BD 206 Million. The Bank continued to maintain a good financial position with liquid assets ratio of 27% and capital adequacy ratio of 35%.

Dr. Fuad Al-Omar, Chairman of KHCB remarked: “The Bank continues to maintain a strong financial position showing good results for the quarter despite market conditions continuing to be difficult. As the Bank has done for the past periods, it has continued to grow its business while ensuring sufficient liquidity is maintained. A strong capital position as reflected in the high capital adequacy ratio indicates significant growth potential as the market recovers. The Bank will continue to expand and diversify its business and customer’ base through introducing new products and enhancing its existing services”.

CEO and Board Member of KHCB, Mr. Ebrahim H. Ebrahim expressed his satisfaction on the results and added “Given the difficult market conditions, we have continued to grow especially in the commercial banking sector. Income from Commercial Banking activities grew by 49% during the period compared to 2008. Growth in unrestricted investment accounts as well as similar growth in financing assets indicate continuing confidence of our customers and opportunity to grow our business. During the 3rd quarter alone we have been able to increase our customer base by 62%”. He also noted that the Bank has been very conservative making impairment provision of BD 4.7 Million affecting the financial results.

“We have recently taken ambitious steps to developing and offering new and innovative products to the market. We launched in July the Al Wafer account (A Shari’a compliant mudharaba account, offering cash prizes of USD 1 million every year), which was well received in the market. We expect to launch several new products in 2010, targeted at different segments of the market” Mr. Ebrahim added.