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Khaleeji Commercial Bank, a niche Islamic bank and part of the Gulf Finance House group, reported that its profits have grown a staggering 224%, with total assets up 182% in the space of one year.
Other banks reporting healthy balance sheets and double digit profit growth include Venture Capital Bank, BMI Bank and United Gulf Bank.
Venture Capital Bank reported that its net income rose 447% to $45.7m in the one year period to end of July 2008. BMI Bank's net profits also rose 23% on the same period to $7.4m and United Gulf Bank announced that, for the first half of 2008 it has earned a net profit of $71.5m, an increase of 10.3% on the same half year period in 2007.
Commenting on these strong developments in Bahrain's banking sector, Sheikh Mohammed bin Essa Al-Khalifa, Chief Executive of The Bahrain Economic Development Board (EDB) said:
"Banking remains one of our key strengths in Bahrain and we are delighted that the first half of 2008 has seen not only healthy financial results from our established banking operations, but also a number of exciting new ventures which will strengthen our position as the Gulf's premier banking centre."
Alongside healthy profit announcements by Bahrain's major banks, the months to July 2008 also saw a number of new names entering Bahrain's already mature and well represented banking sector.
At the end of July, Bank Sarasin & Co. Ltd, one of Switzerland's leading private banking operations, was granted a licence by the CBB to commence investment banking operations in the Kingdom. Earlier in the month a licence was granted to BSI AG (Generali), another major Swiss private bank. The Bahrain branch will be BSI's first operation in the Middle East region.
In April the CBB granted a licence to leading French banking group, Credit Agricole, a wholly owned subsidiary of the Calyon Group.
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Posted by Ehab Al-Abbadi
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