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KHCB profits fall 57% in Q3 on lower revenues

KHCB profits fall 57% in Q3 on lower revenues
KHCB profits fall 57% in Q3 on lower revenues
KHALEEJI
KHALEEJI
6.49% 0.08 0.01

Mubasher: Khaleeji Commercial Bank (KHCB) on Sunday reported sliding profits in the period from July to September 2018.

The Bahrain-based bank posted BHD 324,000 ($859,475 or AED 3.12) in profits in Q3-18, down 57% year-on-year from BHD 758,000 ($2.011 million or AED 7.31 million).

The bank attributed the profit fall to a decline in revenues to BHD 4.5 million in Q3-18 from BHD 4.9 million in the same period of 2017, it said in filings to the Bahrain Bourse and the Dubai Financial Market (DFM).

As for the first nine months of 2018, KHCB logged BHD 1.68 million, registering a sharp decline from BHD 3.73 million in profits achieved in the prior year period, the bank said.

KHCB previously posted BHD 1.4 million in profits in the first six months of 2018 down from BHD 2.9 million in H1-17.

KHCB listed its shares on the DFM in late 2017.