Manama, Kingdom of Bahrain: Khaleeji Commercial Bank (Trading Code: KHCB), one of the leading Islamic Banks in the Kingdom of Bahrain, has announced its third quarter financial results ended 30th September 2022, reporting a net profit of BD 4.074 million attributable to the shareholders of the bank, compared to BD 2.834 million for the same period of the previous year, which is an increase of 43.75%. The earnings per share reached 5.092 Fils, compared to 3.526 Fils for the same period of the previous year. Total Income before Return to Investment Account Holders for the third quarter of 2022 amounted to BD 16.722 million, compared to BD 12.712 million reported in the same period of the previous year, which is an increase of 31.54%. Income from financing and ijarah assets reached BD 9.598 million during the third quarter of this year, compared to BD 7.196 million for the same period in 2021, which is an increase of 33.38%.

The bank has reported a net profit of BD 10.88 million attributable to the shareholders of the bank in the first nine months of this year, compared to net profit of BD 8.84 million for the same period of the previous year, which is an increase of 23%. The earnings per share reached 9.827 Fils, compared to 7.268 Fils for the same period of the previous year. The increase in net profit is mainly attributed to reporting an increase in income from financing and ijarah assets to reach BD 25.800 million during the first nine months of this year, compared to BD 22.183 million for the same period in 2021, which is an increase of 16.31%.

Total Income before Return to Investment Account Holders for the first nine months of 2022 amounted to BD 43.633 million, compared to BD 41.151 million reported in the same period of the previous year, which is an increase of 6.03%.

The financial results also showed a decrease in the Total Owners' Equity (after excluding minority interests) by 0.22% reaching BD 145.97 million, compared to BD 146.30 million in the preceding year, as well as an increase in Total Assets by 11.17% reaching BD 1,296.50 million, compared to BD 1,166.18 million in the preceding year.

Total investments in sovereign sukuk showed an increase by 11.13% reaching BD 327.87 million, compared to BD 295.04 million in the preceding year. Total Financing and Asset Acquired for Leasing increased by 9.31% bringing it to BD 521.14 million compared to BD 476.77 million in the same period of the previous year. Total Deposits increased by 8.10% reaching BD 985.37 million compared to BD 911.55 million reported last year.

Commenting on the financial results, Mr. Sattam Sulaiman Algosaibi, KHCB Chief Executive Officer, stated “We are delighted to announce these positive results for the first nine months of this year, which were supported by an increase in income from financing and ijarah assets, the launch of a range of innovative retail and corporate products, as well as the expansion of digital banking services. This has enabled the bank to continue moving at a steady pace towards achieving the aspirations of our valued shareholders for stable financial and operational performance, while maintaining the rate of profit growth.”

Mr. Algosaibi continued saying “The bank has continued its tireless efforts during the past nine months to offer additional innovative products and services that would add a new dimension to our clients’ banking experience, especially with digital banking services. In this regard, KHCB has studied the market and adopted the latest in financial technology, enabling clients to open accounts with the bank and benefit from several banking services through the ‘Khaleeji Mobile App’. The bank has also completed the first phase of digitising its branches, where smart tablets have been provided to branch employees that allows them to electronically complete a range of banking services, in addition to launching self-service kiosks at branches where clients can complete multiple transactions without having to wait.”

Mr. Algosaibi added: “At the beginning of this year, KHCB opened its branch located at Wadi Al Sail Mall, in addition to the recent completion of its Lulu Hypermarket Mall branch’s development in Hidd, which was designed in a modern manner to keep pace with all the digital transformations witnessed by the bank, and to provide a comfortable environment for clients to seamlessly complete their banking transactions. During the coming period, the bank will focus on increasing investment in infrastructure and further developing its products and services, within the framework of a well-studied action plan that includes several initiatives which will certainly have a significant impact on enhancing our valued clients’ banking experience.”

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.

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

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