Khaleeji Commercial Bank (KHCB), a Bahrain-based bank, has posted a net profit of BD3m for the second quarter of 2009 (BD13.6m during the same period 2008), to realize a net profit of BD7.1m for the first half of 2009.
The bank’s business continued to expand with total assets growing by 8.5% over December 2008, total financing assets increased by 13.8%, and Unrestricted Investment Accounts increased by 17.4% over the same period. The bank’s financial position remained strong with liquid asset ratio of 32.7% and capital adequacy ratio of 34%.
Ebrahim Hussain Ebrahim, CEO and board member, commented: Despite difficult market conditions, income from commercial banking activities increased by 51% over the same period in 2008, as financing assets reached BD186m (a 34% growth over same period 2008) and unrestricted investment accounts reached BD191m (a 25% growth over same period 2008).
Commenting on these results, Fuad Al-Omar, chairman of KHCB, said: Considering the difficult market conditions globally and in the region, KHCB’s financial results for the first half of 2009 are good. While growing the business and the balance sheet, the Bank has adopted a conservative approach ensuring sufficient liquidity. Liquidity and capital position remains solid with ratios much in excess of regulatory requirements. While the markets remain uncertain we will continue to focus on expanding and diversifying or business and customer base.
