Khaleeji Bank Announces 7.81% Increase in Net Profit Attributable to Shareholders for Q1 2025 and Appoints Mr. Yousif Taqi as Chairman of the Board, Succeeding Alrayes
Total comprehensive income attributable to the shareholders of the parent company increased to BD 3.466 million, compared to BD 2.925 million for the period ended 31st March 2024, an increase of 18.50%. This increase is mainly attributable to an increase in income from financing contracts and a decrease in financing expenses during the first quarter of 2025. Total assets for the same period decreased slightly by 2.91% to reach BD 1.452.65 million as at 31st March 2025, compared to BD 1.496.13 million for the period ended 31st December 2024. Sukuk investments decreased by 9.01% to reach BD 456.91 million compared to BD 502.14 million as at 31st December 2024, while financing contracts increased to BD 764.54 million compared to BHD 721.17 million as of 31st December 2024. Total equity attributable to the shareholders of the parent company for the period ended 31st March 2025 decreased by 2.12% to reach BD 125.35 million, compared to BD 128.06 million as at 31st December 2024.
In a related context, Khaleeji Bank announced the appointment of Mr. Yousif Taqi as the new Chairman of the Board of Directors, succeeding Mr. Hisham Alrayes, who has chosen to focus on GFH Financial Group. Mr Taqi's appointment comes following his nomination by GFH Financial Group and his extensive experience of over 35 years in Bahrain's banking sector, during which he has held several leadership positions at leading financial institutions in the Kingdom. He holds a Bachelor's degree in Accounting (1990) from Husson University, USA, and is a Certified Public Accountant.
On this occasion, Mr. Hisham Alrayes, Chairman of Khaleeji Bank, welcomed the appointment of Mr. Yousif Taqi as the new Chairman of the Board, praising his extensive expertise in Islamic banking and expressing full confidence in his ability to lead the bank into the next phase of implementing its new strategic growth objectives. He also emphasised that Mr Taqi's experience, vision and strong relationships within the banking sector, both locally and regionally, will be key drivers of growth and development for the bank in the coming period.
He continued: 'My decision to step down as Chairman of Khaleeji Bank aims to allow me to focus more fully on my responsibilities at GFH Financial Group and continue to drive its growth and shareholder aspirations. The five years I spent chairing Khaleeji Bank were filled with both challenges and opportunities, during which the bank achieved many important milestones, most notably the launch of its new corporate identity in 2023, as well as strengthening the bank's foundations and developing renewed strategies aligned with the rapid changes in the banking sector and clients' needs. We focused during this period on providing innovative and advanced banking solutions tailored for the digital era, which contributed to reinforcing the bank's position as a leading financial institution capable of keeping pace with future developments. I extend my sincere thanks to all members of the Board and the team for their support and cooperation, which played a significant role in these successes. I wish Mr Yousif Taqi every success in leading the bank to further growth and prosperity.'
Commenting on the financial results, Mr Alrayes said: 'We are delighted to announce these strong financial results for Khaleeji Bank's operations during the first quarter of 2025, which reflect our ongoing efforts to achieve our strategic goals and deliver the best services to our valued customers. These promising results mark a positive start, reinforcing confidence in our growth and positively impacting the group's market value.'
He added: 'The positive results achieved in the first quarter provide further motivation to maintain this positive momentum and continue on an upward trajectory for further growth during the remainder of the year. Our aim is to achieve greater accomplishments to meet the aspirations of our shareholders and valued customers, and to contribute effectively to the comprehensive development journey witnessed by the Kingdom of Bahrain under the prosperous reign of His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain, and in alignment with the diligent efforts of the government led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, to further elevate the banking sector.'
For his part, Mr Yousif Taqi, the new Chairman of Khaleeji Bank, expressed his deep gratitude and appreciation to the former Chairman, Mr Hisham Al Rayes, for his sincere efforts during his tenure and for his trust and continuous support. He also thanked GFH Financial Group for their valued confidence, affirming his commitment to working diligently to achieve the bank's vision and strategic objectives, adding that he looks forward to building on the past years' achievements to continue the journey of growth and progress, strengthening the bank's position in the sector, and emphasised his keenness to work closely with the team and Board of Directors to support Khaleeji Bank's growth and prosperity.
Mr. Taqi added: 'I am honoured and delighted to be chosen as Chairman of Khaleeji Bank at this important stage of the bank's journey. I look forward to building on its achievements, and working with fellow Board members and the executive management to develop innovative strategies that enhance the bank's position in the sector and meet the aspirations of our valued customers. Our goal is to achieve sustainable growth and enhance value for our shareholders, and we are confident that we can achieve this through dedicated teamwork.'
Mr Sattam Algosaibi, CEO of Khaleeji Bank, said: 'We are pleased to welcome Mr Yousif Taqi in his new role as Chairman of Khaleeji Bank, given his exceptional track record in the Islamic banking sector. We are confident that his leadership will be a significant asset in supporting our ambitious growth and expansion strategies. The bank's plans in the next phase are firmly focused on digitising services and adopting the latest banking technologies, requiring forward-looking leadership and a culture of innovation at all levels. We are certain that Mr. Taqi's expertise will be a solid foundation supporting this vision and strengthening the bank's leadership in this area.'
Commenting on the financial results, Mr. Algosaibi said: 'The financial results for Q1 2025 demonstrate the continued success of the bank's robust business model and effective strategy, with a focus on financial discipline, improving income, and driving sustainable growth to enhance profitability. This was reflected in the growth of net profit attributable to shareholders by 7.81% to BHD 3.243 million, compared to BHD 3.008 million in Q1 2024. We also achieved an increase in financing contracts revenue, contributing to growth in both total and comprehensive income attributable to the parent company's shareholders. These positive results embody our commitment to delivering positive returns and profits for our esteemed shareholders.'
He added: 'These positive results achieved by Khaleeji Bank in the first quarter, most notably the increase in net profit, coincide with the ongoing launch of many innovative banking initiatives, services, and products to enhance the customer experience. Among the most important of these is the launch of the new edition of the 'Al Waffer Account', with total prizes this year exceeding USD 4 million, and the introduction of a new category, 'Ajyal Al Waffer', dedicated to young depositors under 21. We also continued to offer more exclusive real estate financing offers, most recently the launch of the new 'Tashil+' programme as part of the Ministry of Housing and Urban Planning and Eskan Bank's plan to expand financing options and housing solutions for citizens. We have ensured to provide unique, exclusive financing offers as part of our ongoing support for all initiatives aimed at providing innovative, accessible housing solutions for citizens. This is alongside the continued launch of many innovative promotional campaigns, from the Ramadan purchases campaign to, most recently, Khaleeji Bank's interactive platform at City Centre Bahrain, which enjoyed great success and turnout.'
Khaleeji Bank is a leading Islamic Bank that strives to achieve clients' ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari'a-complaint banking services and investment opportunities to individuals and companies.
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