Khaleeji Reports BD 6.951 Million Net Profit Attributable to Shareholders in the first six months of 2023

Khaleeji (Trading Code: KHALEEJI) has announced its financial results for the second quarter ended 30 June 2023, reporting a net profit attributable to the Bank’s shareholders of BD 3.199 million, compared to BD 3.362 million for the same period of the previous year, with a decrease of 4.85%. Earnings per share amounted to 0.25 Fils, compared to 0.45 Fils for the same period last year. Total income before return to investment account holders for the second quarter of 2023 amounted to BD 22.888 million, compared to BD 13.208 million reported in the same period of the previous year, with an increase of 73.29%. The change is mainly attributable to the increase in income from financing, sukuk and investment securities.

As for the biannual financial results for the period ended 30 June 2023, KHCB reported a net profit attributable to shareholders of BD 6.951 million, compared to BD 6.810 in the same period last year, with an increase of 2.07%, while earnings per share for the period ended 30 June 2023 amounted to 4.94 Fils, compared to 4.74 Fils for the same period of the previous year. Total income before return to investment account holders for the period ended 30 June 2023 amounted to BD 44.788 million, in comparison with BD 26.911 million reported in the same period last year.

The financial results also showed an increase in total owners’ equity for the period ended 30 June 2023 by 0.44% reaching BD 158.46 million, compared to BD 157.77 million reported in 31 December 2022. This is in addition to an increase in total assets for the period ended 30 June 2023 by 3.37%, reaching BD 1,473.69 million, compared to BD 1,425.69 million reported in 31 December 2022, in addition to an increase in deposits by 0.61%, reaching BD 1,118.35 million, compared to BD 1,111.53 million reported in 31 December 2022. The results also witnessed an increase in Sukuk investments by 4.41%, reaching BD 546.39 million, in comparison with BD 523.33 million reported in 31 December 2022, as well as an increase in financing and ijarah assets by 6.73%, reaching BD 538.85 million, compared to BD 504.86 million reported in 31 December 2022.

Commenting on the Financial Results, Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer of KHALEEJI, stated: “We are delighted that the Bank has achieved these positive results during the first half of this year. This comes within the action plan and ambitious visions set by the Board of Directors that coincides with the launch of the bank’s new identity, shaping our strategy through which we seek to achieve further progress towards broader horizons of success and prosperity. It is also in line with present requirements and the rapid developments the banking sector is witnessing at a local, regional, and international level.”

Elaborating further, Mr. Algosaibi said: “The steps taken by the Bank during the first six months of this year contributed to strengthening its financial base and operational performance. This included establishing several strategic partnerships, offering a variety of retail and corporate financing solutions, as well as continuing to invest in FinTech and harnessing it to provide a seamless and swift banking experience for clients. During the remaining months of the year, we will continue our strives to diversify our business and focus on attracting new segments of clients by providing innovative products and distinctive services.”

Mr. Algosaibi concluded: “Based on the growth achieved during the last period, we look forward to having these positive results in the first half of this year as an incentive for us to achieve more during the coming period, to reap the fruits of the sincere efforts made by every member of the Khaleeji family towards meeting the aspirations of our valued clients and shareholders, as well as continuing to provide an innovative banking experience that meets their ambitions and plays a major role in achieving them.”

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