Khaleeji Commercial Bank (KHCB) has introduced a complete net earnings attributable to the financial institution’s shareholders of BD3.12 million throughout Q4 2022, contrasted to BD2.01 m in the very same period in 2021, an increase of 55.22 per cent.
The rise in internet earnings is mainly attributable to a rise in the total revenue before return to financial investment account owners, getting to BD18.57 m in the last quarter of 2022, compared to BD11.34 m in the same duration of 2021, with an increase of 63.82 pc.
Earnings from funding and ijarah assets totaled up to BD9.925 m during the 4th quarter of 2022, compared to BD7.725 m for the exact same period of 2021, with an increase of 28.48 computer.
Incomes per share were 3.902 fils for Q4 2022, contrasted to (-) 1.222 fils for the exact same period of 2021.
For the full year 2022, the bank accomplished an internet profit attributable to the investors of BD14.01 m, compared to BD10.85 m for the same period of the previous year, an increase of 29.06 computer.
The increase in web earnings is primarily credited to the increase in the overall income before go back to financial investment account owners, getting to BD62.20 m, compared to BD52.49 m in 2021 an increase of 18.51 computer.
The financial institution reported a rise in revenue from funding as well as ijarah possessions reaching BD35.725 m throughout 2022, contrasted to BD29.908 m for the exact same period in 2021, with a rise of 19.45 pc.
Incomes per share reached 9.987 fils in 2022, compared to 6.039 fils in 2021.
Complete investors’ equity has boosted by 0.92 pc to BD147.6 m in 2022, compared with BD146.3 m reported by end-2021.
Meanwhile, the financial institution’s assets saw growth of 22.25 pc to BD1,425.7 m compared to BD1,166.2 m in 2021.
This caused a growth of 61.60 pc in the financial investment in sukuk to BD523.33 m in 2022 from BD323.85 m since end-2021.
Total down payments enhanced by 21.94 pc to BD1,111.53 m, compared to BD911.55 m since end-2021.
Commenting, KHCB chairman Hisham Alrayes specified: “It offers us fantastic enjoyment to introduce these positive monetary lead to regards to basic efficiency with increased profits as well as profits, thanks to our firm dedication to offer our valued shareholders with the most effective returns via dependence on operational strategies that keep pace with modern-day trends and global changes at different levels, particularly because of economic transformations that require a constant rate ahead as well as a positive strategy in numerous elements of our banking procedures.”.
Mr Alrayes included: “These financial results follow the bank’s adherence to its cutting-edge approach of developing banking activities and also speeding up digital change, which has enhanced customer fulfillment with our new and innovative product or services. We expect more successes as well as favorable lead to 2023.”.
KHCB president Sattam Algosaibi specified: “We are pleased with the economic and functional outcomes attained in 2022 which coincide with the bank’s ambitious approach to actualise the goals of investors via continual profitability and profits growth, in addition to the boost of income created from funding and renting assets.”.
Mr Algosaibi continued: “These monetary results reflect the initiatives made by the bank to consolidate its leading setting in the regional market by remaining to create retail banking services, particularly relative to digital transformation by providing a package of innovative services and products to improve our valued clients’ banking experience.”.
Last Updated: 08 February 2023
