Business

Soaring Profits

by BTM

Sun, 05 June 2022

Khaleeji Commercial Bank Bahrain

Khaleeji Commercial Bank (KHCB) has announced its financial results for the first quarter ended March 31, 2022. The bank reported a net profit of BHD 3.448 million attributable to the bank’s shareholders, compared to BHD 2.106 million for the same period of the previous year, with an increase of 63.18 percent. 

The increase in net profit is largely due to the growth of total income before return to investment account holders by 6.82 percent reaching BHD 13.703 million by the end of the first quarter of 2022, compared to BHD 12.828 million for the same period of the previous year. 

The financial results also showed an increase in total owners’ equity (after excluding minority interests) for the period ended March 31, 2022 by 0.64 percent reaching BHD 147.23 million, compared to BHD 146.30 million last year, as well as an increase in total assets for the period ended March 31, 2022 by 5.31 percent reaching BHD 1,228.11 million, compared to BHD 1,166.18 million last year. Total Deposits decreased by 0.81 percent reaching BHD 904.17 million compared to BHD 911.55 million last year.

“These positive results reflect our commitment to continue building on our accomplishments, while basing our approach on a business model that guarantees us efficiency in operation, achieving more returns on investment in infrastructure, services and products,” says Chief Executive Officer of KHCB, Sattam Sulaiman Algosaibi.

#BUSINESS BITES #BUSINESS NEWS BAHRAIN #BUSINESS IN BAHRAIN #BTM JUNE 2022 #BUSINESS

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