Khaleeji Commercial Bank BSC : KHCB Reports Net Profit of BD 6.007 Million Attributable to the Bank’s Shareholders in the first half of 2021

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​Alseddiqi: These positive results in terms of profits and revenues come as a result of the Bank's solid commitment to achieve the best returns for our shareholders and diversifying income sources.

Algosaibi: These results clearly reflect the success achieved by the Bank's plans and initiatives to maintain its leading position among Islamic banks in the Kingdom.

Khaleeji Commercial Bank (Trading Code: KHCB), has announced its financial results for the second quarter 2021 where Total Net Profit attributable to the Bank's shareholders reached BD 3.901 million, compared to BD 4.271 million for the same period last year, with a decrease of 8.66 percent, while the earnings per share for the second quarter of 2021 amounted to 1.12 Fils, compared to 5.31 Fils for the same period of the previous year. Total income before return to investment account holders for the second quarter of 2021 increased by 40.48 percent reaching BD 15.611 million, compared to BD 11.113 million for the same period of last year.

For the six-month period ended 30 June 2021, the Bank reported a net profit of BD 6.007 million attributable to the Bank's shareholders, compared to BD 5.709 million for the first half of the previous year, with an increase of 5.22 percent. While the earnings per share for the period ended 30th June 2021 amounted to 3.74 Fils, compared to 7.10 Fils for the same period of the previous year.

The increase in net profit during the six-month period ended 30th June 2021is mainly due to the increase of total income before return to investment account holders by 21.97 percent reaching BD 28.439 million by the end of the first half of 2021, compared to BD 23.316 million for the same period of the previous year.

The financial results also showed an increase in the Total Owners' Equity (after excluding the equity attributable to minority) for the period ended 30th June 2021 by 1.91 percent reaching BD 144.519 million, compared to BD 141.810 million last year, in addition to an increase in Total Assets for the period ended 30th June 2021 by 2.49 percent, reaching BD 1,040.859 million, compared to BD 1,015.594 million last year.

Moreover, the Bank reported an increase in deposits by 3.15 percent, reaching BD 799.185 million, compared to BD 774.813 million last year. The financial results also showed an increase in Sukuk investments by 11.15 percent, reaching BD 290.244 million, in comparison with BD 261.132 million last year.

Commenting on the financial results, Mr. Jassim Alseddiqi, Chairman of KHCB's Board of Directors, said 'We continued to achieve positive results on the level of general performance, with an increase in profits and revenues thanks to God first then our solid commitment to achieving the best returns for our shareholders and diversifying sources of income. This has contributed remarkably to the continuation of our stable financial and operational performance during the first half of this year, despite the unprecedented circumstances imposed by the COVID-19 Pandemic on various financial markets and institutions locally, regionally, and globally.'

Mr. Alseddiqi added 'Thanks to the bank's adoption of an innovative strategy to develop its banking activities and accelerate digital transformation in various fields, we hope to continue this financial and operational performance during the second half of this year, especially with the decline in the pandemic's effects and life's gradual return to normal. All thanks to the national medical team's success in achieving its goals set by the National Campaign for combating the COVID-19 Pandemic.'

For his part, KHCB CEO Mr. Sattam Sulaiman Algosaibi said 'These results clearly reflect the success achieved by the Bank's plans and initiatives to maintain its leading position among Islamic banks in the Kingdom. The Bank's performance also indicates its clients' great confidence in its operations, services, and innovative solutions that meet their various banking needs.'

Mr. Algosaibi added 'KHCB is continuing its endeavors to accelerate plans for digitizing its operations in line with the requirements of our clients, as well as bolstering its leading position in the Bahraini Market. During the second half of this year, we look forward to offering more innovative services and products to our clients, both individuals and companies, in addition to opening our new branch in Wadi Al Sail Mall, which will be a valuable addition to our Branch Network. The new branch is characterized by its vital location near key areas in the Southern Governorate, it will be equipped with the latest in financial technology, and its modern and practical design to provide services to our valued clients with ease and comfort. We will continue entering into strategic partnerships with business partners to enhance the Bank's financing portfolio.'

KHCB is a leading Islamic bank that strives to achieve clients' aspirations through an Islamic banking model that offers a comprehensive range of high quality Shari'a-complaint banking services and investment opportunities to individuals and companies.