Khaleeji Commercial Bank (KHCB), a leading Islamic retail bank in Bahrain, has recorded a net profit of BD2.21 million ($5.8 million)  for the first nine months of the year, as compared to a net loss of BD30,000 for the same period last year.

The bank’s profit for the three months ended September 30 amounted to BD1 million compared, said a statement.

Its financial positing remains strong with a liquid asset ration of 28.6 per cent and capital adequacy ration of 25.1 per cent, it said.

Khalil Ismaeel Al Meer, chief executive officer, said: “We are delighted to announce positive financial results for the third quarter of 2014. KHCB delivered a solid performance so far this year as we were able to grow our financial portfolio by 9.4 per cent and our deposits by 5.7 per cent.

“The bank continued to maintain solid liquidity and capital positions and was able to progressively respond to market needs. In addition to announcing the positive financial results, the board of directors approved KHCB’s strategy for the coming three years, which reiterates their support to the bank with regards to the continuation of the bank’s expansion plans in the near future.

“KHCB plans on opening two new branches early next year, thus increasing the total number of branches to 10 in the Kingdom in order to become closer to our clients and provide them with a more convenient banking experience.

“On this occasion I would like to commend our team for their hard work and dedication, which enabled the bank to achieve its target. KHCB continues to enhance its current offerings, the latest of which were the Easy 36 Credit Card, which comes with exceptional features whereby a customer can repay a purchase made in or outside Bahrain over 36 equal monthly installments and the Call Mudharaba Account, which is an Investment Account, allowing account holders to perform banking transactions such as withdrawals and deposits and at the same time receive profit on a quarterly basis.”

“KHCB has signed agreements with different real estate developers, since the start of this year, to offer their clients financing through the Bank. One of the most recent corporate financing deals was for the construction of a new specialist hospital in Bahrain worth BD7 million  located in Riffa’a,” said Al Meer.

“This is part of the support we extend to investment projects as well as private sector businesses to enable them to become fundamental stimulators to the development in the Kingdom, thus contributing to the growth of economy in Bahrain. We intend to progress along these lines and succeed in our accomplishments in order to position KHCB at the forefront of this sector.” - TradeArabia News Service