Dubai – Mubasher: Khaleeji Commercial Bank (KHCB) reported a 79% year-on-year decline in its profits for the first quarter of 2019.

Net profits of the Bahrain-based lender stood at BHD 176,000 ($463,900) in Q1-19, compared to BHD 820,000 ($2.16 million) in Q1-18, according to the bank’s statement to Bahrain Bourse (BHB) and the Dubai Financial Market (DFM) on Sunday.

KHCB’s revenues plunged to BHD 4.11 million ($10.8 million) in Q1-19, against BHD 4.27 million ($11.3 million) in the same period of the prior year.

During the full-year 2018, KHCB reported a 66.5% year-on-year drop in profits to BHD 658,760.