Khaleeji Commercial Bank (KHCB), an Islamic retail bank, announced its financial results for the year ended Dec. 31, 2015, recording a net profit of BD8 million compared to BD3.8 million in 2014.

The bank recorded a net profit of BD1.9 million in Q4, 2015, compared to a net profit of BD 1 million in Q4, 2014.

Total assets also grew to BD654 million, increasing by 9.6 percent compared to 2014. Return on average assets reached 1.3 percent.

The bank sustained its profitability and strengthened its financial position with a liquid assets ratio in the excess of 22.5 percent and capital adequacy ratio of 18.8 percent.

Its board of directors recommended distributing 5 percent bonus shares (subject to AGM and regulatory prior approvals).

Ahmad Al-Mutawa, chairman of the Khaleeji Commercial Bank, said: “We are very pleased with the strong results achieved in 2015, despite the significant economic variations and geopolitical developments coupled with the sharp drop in the oil prices, which have affected the economic growth potential.”

The bank introduced new products in the market to the serve the corporate, SMEs and consumer financing, which include the It’eman, Call Account, Visa credit cards and Easy 36. The bank enhanced its eBanking application and launched its new mobile banking application.

Khalil Ismaeel Al-Meer, KHCB’s CEO, commented: “The bank has achieved many key objectives in the first year of its new strategy, both in terms of outstanding results; and adding value to its customers and shareholders. The key indicators of the performance reflect the dedication of the management and staff of the bank supported by the board of directors. The key performance figures show a growth of 9.6 percent in total assets from BD597 million in 2014 to BD654 million in 2015. The total net income increased by 38.6 percent reaching BD21.3 million compared with BD15.4 million achieved in year 2014. The net income increased by 109.8 percent to reach BD8 million compared with BD3.8 million recorded in 2014.”

Total financing assets have grown by 14.2 percent reaching BD 388 million compared to BD 340 million in 2014. Total customer deposits also increased by 12.8 percent from BD 430 million in 2014 to BD 485 million in 2015.

The bank has also revamped its eBanking application by adding extra security features and launched its new mobile banking application.