Khaleeji Bank Reports BD 3.008 Million Net Profit Attributable to Shareholders in Q1 of 2024

Khaleeji (Trading Code: KHALEEJI) has announced its financial results for the period ended 31st March 2024, reporting a net profit of BD 3.008 million attributable to the shareholders of the bank, compared to BD 3.752 million for the same period of the previous year, which is a decrease of 19.83%. The earnings per share for the period ended 31st March 2024 reached 3.69 Fils, compared to 4.69 Fils for the same period of the previous year. The bank reported a decrease in total income by 1.68%, reaching BD 12.902 million at the end of the first quarter of this year, compared to BD 13.122 million in the first quarter of last year.

Total Owners’ Equity for the period ended 31 March 2024 decreased by 23.94%, reaching BD119.72 million, compared to BD 157.39 million for the year ended 31st December 2023. Total assets for the same period decreased by 4.90% to reach BD 1,428.75 million for the period ended 31st March 2024, compared to BD 1,502.42 million for the year ended 31st December 2023. Total deposits also decreased by 3.03%, reaching BD 1,025.81 million on the period ended 31st March 2024, compared to BD 1,057.83 million for the year ended 31st December 2023.

Commenting on the occasion, Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer of Khaleeji Bank, stated “The first quarter financial results reflect our strategic focus on improving income and cost efficiency to drive sustainable growth, as well as our commitment to enhancing profitability for shareholders through intensifying innovative promotional campaigns. Among them was the credit card campaign during the Bahrain Grand Prix race, the Ramadan campaign for purchases throughout the holy month, and the Khaleeji platform at Bahrain City Center which saw remarkable turnout. The bank will continue organising additional promotional initiatives in line with a carefully strategized plan to stay ahead of the market’s many challenges.”

Mr. Algosaibi concluded “Maintaining earnings per share at 3.69 Fils confirms our commitment to providing stable financial performance, despite continuing challenges amid market uncertainty. We look forward with optimism to the future and our ability to pass the coming period effectively and achieve better financial results during the year 2024. The entry of the Royal Humanitarian Foundation (RHF) as a new shareholder alongside the GFH Financial Group will undoubtedly contribute to the growth of the bank.”

Khaleeji Bank is a leading Islamic Bank that strives to achieve clients’ ambitions 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.

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