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Khaleeji Commercial Bank (KHCB), one of Bahrain's leading Islamic banks, announced strong results for the first quarter of 2008.
Net income for the quarter increased by 213 per cent to BD12.6 million compared to BD4 million for the corresponding period in 2007.
Total assets grew by 187 per cent to BD308.5 million and customer deposits increased by 130 per cent as of end of March 2008. On an annualised basis, return on average assets was 17.4 per cent, and return on average equity was 39.9 per cent.
KHCB chairman Dr Fuad Al Omar, above, said, "The excellent results delivered by the bank were achieved by executing a clearly defined strategy to position the Bank as a leading regional Islamic financial institution delivering innovative Islamic financial products and services to customers in the GCC and Mena regions."
