Khaleeji Commercial Bank reports BD8.1 million in net profits for H1 2007

Total assets are up by 135% at BD171 million in comparison to BD72.7 million recorded last year and total shareholders equity rose to BD120.3 million compared to BD39.1 million last year. Total income reached BD10 million, an increase of 58% while Return on Average Capital amounted to 24.8% and earning per share reached 13 fils.

In light of the Bank's excellent results, Dr. Fuad Al-Omar - Chairman of KHCB, commented: 'The excellent results that the Bank has recorded for the first half of the year, confirm the success of the strategy implemented by the Board of Directors. Such strategy focuses on utilizing the growing investment opportunities both locally and within the region.'

He added: 'The results emphasize the Bank's continued efforts to achieve constant growth by introducing differentiated banking and investment products and following the best banking practices.'

Dr. Al-Omar stated that KHCB has recently announced the sale of 30% of its total capital of BD100 million, to strategic investors, mainly regional financial institutions. This is an important and strategic step that is expected to support the Bank's endeavor to become a solid Islamic financial institution that can benefit from the growing investment opportunities in regional markets. This step also aims at creating new business relation ships through its strategic partners.'

Elaborating further on the results, Mr. Ebrahim H. Ebrahim - General Manager of KHCB commented: 'The excellent performance of the Bank is a result of the collaborative efforts of our staff and continuous support extended by our Board of Directors'. He added: 'Over the past months, KHCB introduced to its investors a number of attractive investment opportunities through restricted investment accounts, offering them higher returns on their investments. Such products are considered unique to the market in terms of their returns and range of holding periods. The Bank will continue to offer similar innovative and unique investment products to meet the growing demand for such products in the market.'

Highlighting additional achievements by the Bank, Mr. Ebrahim stated: 'Recently, KHCB installed its first ATM and intends to install other ATMs in selected locations within the Kingdom in the next few months with the aim of enhancing its services offered to its customers. Our team is also working on project to launch electronic banking by the end of this year.'

'It is worth mentioning that in addition to opening a new branch at the Bahrain Financial Harbour KHCB will also relocate its offices there by the end of 2007. This move is expected to further enhance the level of services and convenience offered by the Bank to its customers and investors.'