Khaleeji Commercial Bank reports excellent H1 results

Total assets reached BD483m, an increase of 182% over the same period last year and 57% over first quarter of 2008. Return on average assets improved to 13.9% and Return on average capital increased to 52.4%.

Dr. Fuad Al-Omar - Chairman of KHCB said 'We are extremely pleased with the performance of the Bank in the first half, especially with the listing of its shares on the Bahrain Stock Exchange. The financial results indicate both increasing volume as well as improved profitability of the Bank. We believe that effective execution of our strategy and efficient management will continue to ensure positive returns to our shareholders.'

'The listing of the Bank's shares on the BSE diversified the Bank's shareholder base and provided an opportunity for many new investors to share in the growth of its business. We are pleased with the way the shares were received in the market, and especially the volume of trading on the exchange,'

he added.

CEO and Board Member of Khaleeji Commercial Bank, Mr. Ebrahim H. Ebrahim commented on the Bank's quarterly results, 'First half results are a reflection of positive growth that the Bank has achieved in both its investment and commercial banking business during the first two quarters of 2008. The Bank's customer base continued to expand and is reflected in a 200% increase in customer deposits, reaching BD225m and Financing assets reaching BD139m. We launched three new investment products including Jawahara Greens in Qatar ($250m), RIA - 5 Northgate in Bahrain (BD8.1m) and Global Logistix in India ($430m). Of these, subscriptions for Jawahara Greens and Northgate closed during the quarter, in addition to Danat India Fund ($163m) which was launched earlier. As an indicator of its commitment to investors and shareholders, the bank was able to fully redeem RIA 2 and partially redeem some of its earlier investments, namely Amlak 2 and Surooh prior to the scheduled redemption date. The Bank has a strong deal flow on both commercial and investment banking, and we expect the first half trend to continue during the rest of the year.'

'We continue to build physical and human infrastructure to support the growth in the Bank's business and expanding our customer base. We have started the move to our new offices at the Bahrain Financial Harbour and we also expect to open the new branch there soon, in addition to expanding customer access through new ATMs and other channels. We believe that our unique business model and strong commitment from shareholders and employees will enable us to continue to grow our business and meet expectations of our shareholders,' Mr. Ebrahim added.