Manama, the Kingdom of Bahrain: Khaleeji Bank (Trading Code: KHALEEJI) has announced its financial results for the second quarter of 2024, reporting a Net Profit attributable to the Bank’s Shareholders of BD 2.130 million, compared to BD 3.199 million for the same period of the previous year, with a decrease of 33.42%, 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 BD 1.913 million, compared to BD 2.656 million in the same period of the previous year, representing a decrease of 27.97%. Total Income for the second quarter of 2024 amounted to BD 11.674 million, compared to BD 11.978 million in the same period of the previous year, representing a decrease of 2.54%. The decrease is mainly attributable to the increase in financing expenses.

As for the biannual financial results for the period ended 30th June 2024, Khaleeji Bank reported a Net Profit attributable to Shareholders of BD 5.138 million, compared to BD 6.951 in the same period last year, with a decrease of 26.08%, while Earnings per Share for the period ended 30th June 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 BD 4.838 million, compared to BD 5.736 million reported in the same period last year, representing a decrease of 15.66%. Total Income for the first half of 2024 amounted to BD 24.576 million, compared to BD 25.100 million reported in the same period last year, representing a decrease of 2.09%.

The financial results also showed a decrease in Total Owners' Equity for the period ended 30th June 2024 by 22.20%, reaching BD 122.46 million, compared to BD 157.39 million reported on 31st December 2023. This is in addition to a decrease in Total Assets for the period ended 30th June 2024 by 0.79%, reaching BD 1,490.61 million, compared to BD 1,502.42 million reported on 31st December 2023, in addition to an increase in Total Deposits by 5.03%, reaching BD 1,111.05 million, compared to BD 1,057.83 million reported on 31st December 2023. The bank’s financial results also witnessed an increase in Sukuk Investments by 2.21%, reaching BD 534.29 million, in comparison with BD 522.75 million reported on 31st December 2023. The bank also reported an increase in Financing Contracts by 9.52%, reaching BD 600.46 million, compared to BD 548.29 million reported on 31st December 2023.

Commenting on the financial results, Mr. Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer 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."

The full financial results and press release are available on Bahrain Bourse’s website www.bahrainbourse.com.