KHCB holds Ordinary and Extra-Ordinary General meetings

Manama : Khaleeji Commercial Bank (KHCB) held its Ordinary and Extraordinary General Meetings yesterday, chaired by Abdulkarim Ahmed Bucheery, Vice Chairman of the Board of Directors. 

During the ordinary meeting, financial statements for the year ended 31st December 2017 were approved, after which the Board of Directors’ recommendation to deduct 10% of the net profit for the statutory reserve amounted to BD 196,862, and the transfer of BD 1,330,201 to retained earnings was ratified. 

Furthermore, the Corporate Governance report regarding the bank’s compliance with the Central Bank of Bahrain’s (CBB) requirements was approved. 

The meeting also witnessed the reappointment of the members of the Shari’a Supervisory Board for the three upcoming years and the Auditors for the financial year 2018, after obtaining the CBB’s approval. 

Thereafter, the Extraordinary General Meeting was convened, where it was approved the amendment of the Articles of Association of the Bank to comply with the requirements of Law No. (1) of 2018 amending certain provisions of the Bahrain Commercial Companies Law promulgated by Legislative Decree No. (21) of 2001, after obtaining the official approvals.  

Abdulkarim Ahmed Bucheery, Vice Chairman of the Board commented: “Our commitment to excellence in customer service and innovation has been a driving force for the bank’s positive performance in 2017.” 

On his part, Tawfeeq Mohamed Bastaki, Chief Risk Officer and Acting CEO, said, “The bank is ready to seize opportunities despite the current challenges in the market, as our financial results indicate that we are moving in the right direction, in spite of economic challenges that limit expectations.”