Khaleeji (Trading Code: KHALEEJI) has announced its financial results for the third quarter of 2023, reporting a net profit of BD 2.454 million attributable to the shareholders of the bank, compared to BD 4.074 million for the same period of the previous year, which is a decrease of 39.76%. The earnings per share reached 3.067 Fils, compared to 5.092 Fils for the same period of the previous year. Total Income before Return to Investment Account Holders for the third quarter of 2023 amounted to BD 21.905 million, compared to BD 16.722 million reported in the same period of the previous year, which is an increase of 31.00%.
The bank has reported a net profit of BD 9.405 million attributable to the shareholders of the bank in the first nine months of this year, compared to net profit of BD 10.88 million for the same period of the previous year, which is a decrease of 13.59%. The earnings per share reached 8.004 Fils, compared to 9.827 Fils for the same period of the previous year. Total Income before Return to Investment Account Holders for the first nine months of 2023 amounted to BD 66.693 million, compared to BD 43.633 million reported in the same period of the previous year, which is an increase of 52.85%. The aforementioned increase is mainly attributed to reporting an increase in income from financing and sukuk assets, as well as other fees and income.
The financial results for the period ended 30th September 2023 also showed an increase in the Total Owners’ Equity (after excluding minority interests) by 1.02% reaching BD 159.38 million, compared to BD 157.77 million in the preceding year, as well as an increase in Total Assets by 2.61% reaching BD 1,462.88 million, compared to BD 1,425.69 million in the preceding year.
Total investment sukuk showed an increase by 1.06% reaching BD 528.87 million, compared to BD 523.33 million in the preceding year. Total Financing and Asset Acquired for Leasing increased by 5.27% bringing it to BD 531.49 million compared to BD 504.86 million in the same period of the previous year. Total Deposits reported a slight decrease by 0.42% reaching BD 1,106.88 million compared to BD 1,111.53 million reported last year.
Commenting on the financial results, Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer of Khaleeji Bank, stated “These results demonstrate our commitment to maintaining a positive financial performance, while also enhancing our business model to align with current trends and developments. This involves identifying productive new partnerships and areas of growth that are in line with our ambitions to enhance the bank’s leadership and positive outcomes. These efforts are made possible through an innovative business model centered on digital transformation and a proactive approach to leveraging diverse developments, both domestically and globally.”
Mr. Algosaibi added: “While the financial sector still faces many challenges regionally and globally, we remain optimistic about the future at Khaleeji, especially with the launch of our new identity earlier this year as part of an ambitious vision aimed at achieving more growth and prosperity in the future. We will continue to leverage our strengths and emerging opportunities in local and regional markets, while maintaining our proactive approach to respond to changing market conditions and client aspirations. I would like to thank the Board of Directors for their wise guidance and continuous support, which is a strong motivation for us to achieve further positive results in the coming period. I also express my sincere gratitude and appreciation to our clients, shareholders, and employees for their steady support and commitment to Khaleeji. Our achievements during the past period would not have been possible without their trust and loyalty to the Bank.”
