Khaleeji Commercial Bank announces Q1 results

The Bank's business continued to expand with financing assets growing by 3.4% over December 2009, and Unrestricted Investment Accounts remaining at the level of December 2009. The Bank's financial position remained strong with liquid asset ratio of 24.6% and capital adequacy ratio of 32.2%.

Commenting on these results, Dr. Fuad Al-Omar, Chairman of KHCB, said, "Given the difficult market conditions, KHCB has focused on diversifying and expanding its business while maintaining a conservative liquidity and capital position. Liquidity and capital position remains solid with ratios much in excess of regulatory requirements. While the markets remain difficult, we will continue to focus on expanding and diversifying our business and customer base through the launch of Retail and Consumer Finance products that are in line with the new strategic direction."

KHCB's Chief Executive Officer and Board Member, Mr. Ebrahim H. Ebrahim, yet added, "Despite difficult market conditions, income from commercial banking activities increased by 9.1% over the same period in 2009. This reflects our customers' continuing and increasing confidence in our banking products and services. We will continue to execute our new strategy of diversifying our products, assets and income and introducing new retail products to meet our customer's needs. As the banking sector is passing through a period of caution in directions, the board has put through a new strategy directed towards Retail Banking and Consumer Finance. Thus, this is going to be a transition period for KHCB during which we will be offering wider range of products including Real Estate Finance, Car Finance, Personal Finance and Credit Cards in order to meet our clients' needs while hoping to meet their satisfaction."