Bahrain: Khaleeji Bank announces net profit of $13.61mln

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Bahrain - Khaleeji Bank has announced its financial results for the second quarter of 2024, reporting a net profit attributable to the bank’s shareholders of BD2.130 million, compared to BD3.199m for the same period of the previous year, with a decrease of 33.42 per cent, while earnings per share have increased to 2.24 fils compared to 0.25 fils for the same period last year.

Total comprehensive income attributable to owners of the parent company for the second quarter of 2024 amounted to BD1.913m, compared to BD2.656m in the same period of the previous year, representing a decrease of 27.97pc.

Total Income for the second quarter of 2024 amounted to BD 11.674m, compared to BD 11.978m in the same period of the previous year, representing a decrease of 2.54pc. The decrease is mainly attributable to the increase in financing expenses.

As for the biannual financial results for the period ended June 30, 2024, Khaleeji Bank reported a net profit attributable to Shareholders of BD5.138 million, compared to BD6.951 in the same period last year, with a decrease of 26.08pc, while earnings per share for the period ended June 30, 2024 have increased to 5.41 fils compared to 4.94 fils for the same period of the previous year.

Total comprehensive Income attributable to owners of the parent company for the first half of 2024 amounted to BD4.838m, compared to BD5.736m reported in the same period last year, representing a decrease of 15.66pc. Total Income for the first half of 2024 amounted to BD24.576m, compared to BD25.100m reported in the same period last year, representing a decrease of 2.09pc.

The financial results also showed a decrease in total owners’ equity for the period ended June 30, 2024 by 22.20pc, reaching BD122.46m, compared to BD157.39m reported on December 31, 2023. This is in addition to a decrease in total assets for the period ended June 30, 2024 by 0.79pc, reaching BD1,490.61m, compared to BD1,502.42m reported on December 31, 2023, in addition to an increase in total deposits by 5.03pc, reaching BD1,111.05m, compared to BD1,057.83m reported on December 31, 2023.

The bank’s financial results also witnessed an increase in sukuk investments by 2.21pc, reaching BD534.29m, in comparison with BD522.75m reported on December 31, 2023. The bank also reported an increase in financing contracts by 9.52pc, reaching BD600.46m, compared to BD548.29m reported on December 31, 2023.

Commenting on the financial results, Sattam Algosaibi, chief executive of Khaleeji Bank, stressed that the bank is moving in the right direction despite all surrounding circumstances, stating: “We are pleased to announce these results, which demonstrate Khaleeji’s ability to adapt and evolve in response to changing market conditions. We are committed to facing the current market challenges that have been significantly affected by the geopolitical conditions influencing both the region and the world.”

Mr Algosaibi highlighted the bank’s ongoing initiatives to leverage its achievements through a strategic plan designed to attain further successes in the upcoming period.

Elaborating further, he said: “During the first half of the year, we were able to build a strong foundation for long-term success, thanks to our unwavering commitment to strategic growth and client-centric focus. The bank is keen to move forward by continuing to prioritise innovation, flexibility, and driving growth through a deep understanding of our clients’ needs as well as a passion for providing exceptional services, as we aim to consolidate Khaleeji’s position as a beacon for excellence in the Islamic banking sector.”

He added: “As we move forward with our ambitious vision in the second half of the year, we will continue to invest in digital solutions with a sustained focus on delivering exceptional experiences that foster trust and loyalty. I would also like to express gratitude and appreciation to our valued shareholders and clients for their continued support and confidence in our vision.”