Manama, the Kingdom of Bahrain: Khaleeji Bank B.S.C. (Trading Code: KHALEEJI) has announced its Financial Results for the third quarter of 2024, reporting a net profit of BD 1.896 million attributable to the Bank’s Shareholders, compared to BD 2.454 million reported in the third quarter of 2023, which is a decrease of 22.74%. The Earnings per Share reached 1.75 Fils, compared to 3.07 Fils for the same period of the previous year. Total Comprehensive Income attributable to Shareholders of the parent for the third quarter of 2024 amounted to BD 3.420 million, compared to BD 0.923 million for the same period last year, with an increase of 270.53%. Total income for the third quarter of 2024 amounted to BD 11.568 million, compared to BD 11.324 million reported in the same period last year, with an increase of 2.15%.

The Bank has reported a Net Profit of BD 7.034 million attributable to the Bank’s Shareholders in the first nine months of 2024, compared to net profit of BD 9.405 million for the same period of the previous year, which is a decrease of 25.21%. Earnings per Share reached 7.08 Fils, compared to 8.00 Fils for the same period of the previous year. Total Comprehensive Income attributable to Shareholders of the parent for the first nine months of 2024 amounted to BD 8.258 million, compared to BD 6.659 million reported in the same period of the previous year, which is an increase of 24.01%. Total income for the first nine months of 2024 amounted to BD 36.144 million, compared to BD 36.424 million reported in the same period of the previous year, which is a decrease of 0.77%. The decrease is mainly attributable to the increase in financing expenses.

The Financial Results also showed a decrease in the Total Owners’ Equity by 20.03% reaching BD 125.88 million as of 30 September 2024, compared to BD 157.39 million in the end of the preceding year, as well as an increase in Total Assets by 3.42% reaching BD 1,553.79 million as of 30 September 2024, compared to BD 1,502.42 million in the end of the previous year. Total Deposits showed an increase by 9.97% reaching BD 1,163.34 million as of 30 September 2024, compared to BD 1,057.83 million in reported in 31 December 2023. The Financial Results also showed an increase of 1.17% in Total Investments in Sukuk reaching BD 528.89 million as of 30 September 2024, compared to BD 522.75 million reported in 31 December 2023. Additionally, the bank reported an increase in Financing Contracts by 24.08%, reaching a total of BD 680.31 million as of 30 September 2024, compared to BHD 548.29 million reported in 31 December 2023.

Commenting on the financial results, Mr Sattam Sulaiman Algosaibi, Chief Executive Officer of Khaleeji Bank, stated: “We are delighted to announce the positive financial results achieved by the bank during the first nine months of 2024. This performance reflects our commitment to sustaining our operations aimed at reinforcing our customers’ trust in our dedication to meeting their financial needs. The past period has witnessed several achievements that we are proud to highlight, particularly our continued expansion of partnerships aimed at providing exceptional financing solutions with real estate developers.”

Mr. Algoasibi continued: “We have launched the ‘Ajyal Account’ as part of our ongoing commitment to excellence in the banking products we offer to individuals. Furthermore, I would like to note that the bank has won two prestigious awards at the Bahrain Digital Content Awards, which underscores our leadership in digital transformation within the financial and banking services sector, as well as our commitment to enhancing the economic and social impact in our community through the adoption of responsible policies that foster innovation and ensure sustainability, especially in light of the significant changes occurring globally.”

The CEO added: “Our flexible strategy reflects our long-term vision, which focuses on identifying the most suitable opportunities in local and regional markets. In light of this, we have adapted our operational processes to meet our customers’ changing needs, enabling us to continue delivering innovative financial products that adhere to Islamic standards and enhance the banking experience for all our clients.”

The full financial results and press release are available on Bahrain Bourse website.