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Khaleeji Commercial Bank (KHCB) posted a net profit of BD32.5 million for the past nine month period, an increase of 168 per cent compared to BD12.1 million for the same period last year.
Total assets reached BD480 million, an increase of 92 per cent over the same period last year.
The strong results reflect robust growth in the nank's operations during the year.
Return on average assets improved to 10.7 per cent and return on average capital increased to 43.3 per cent. Earning per share increased by 106 per cent to 33 fils per share.
Deposits including unrestricted investment accounts reached BD 241 million, an increase of 221 per cent from December 2007. Financing assets also showed considerable growth reaching BD161 million, an 83 per cent increase over figures recorded by the end of 2007.
Dr Fuad Al Omar, chairman, KHCB, said: "We are extremely pleased with the performance of the bank in a very difficult environment, which indicates the strength of the strategy devised by our board of directors, focusing on business in the GCC, MENA and South Asia.
"The bank's capital position remains very strong with both liquidity ratio and capital adequacy significantly in excess of legal and regulatory requirements.
"The bank is mindful of the market situation and the diverse effects of the current fluctuations on the financial markets worldwide so as to devise suitable plans for the coming period and avoid any direct or indirect effect on the bank's operations and future plans.
"We believe we can positively deal with the challenges that face the banking sector in a way that ensures high returns for the customers and shareholders through carefully selecting and diversifying the investment opportunities."
CEO Ebrahim H Ebrahim said:_"Our results for the past nine months reflect the bank's steady growth in both investment and commercial banking businesses, highlighting the bank's strong financial position and capability of putting the current fluctuations to the benefit of the goals set by the board, which are to preserve a high liquidity ratio and capital adequacy to achieve high returns for our customers and shareholders. We are constantly co-operating with the Central Bank of Bahrain and other institutions to overcome the current financial turmoil.
"In July we launched Global Logistix, an investment in India comprising an integrated logistics park on 400 acres of land in Navi Mumbai and its surrounding areas with a total size of $430 million.
"The response to the product has been very positive even in the very difficult market conditions. Global Logsitix follows the successful closing in the first half of the year of both Jawhara Greens (Qatar) and Danat India investment products. In addition, the bank successfully closed its Restricted Investment Mudharaba Account, RIA 5 - North Gate which was launched this year.
"Despite the fact that the current market conditions pose challenges across the world, we are constantly developing new Sharia-compliant banking and investment products in addition to the possibility of exiting from a number of our current investment products in the few coming months."
