Mubasher: Khaleeji Commercial Bank (KHCB) reported a 41.4% decline in net profit for the first quarter of 2018.

KHCB’ net profit dropped to BHD 819,930 ($2.16 million) in Q1-18 versus BHD 1.4 million ($3.7 million) in the year-ago period, according to a bourse statement released on Thursday.

The Bahrain- and Dubai-listed bank’s revenue also went down to BHD 2.83 million in the first three months of 2018, compared to BHD 2.8 million a year earlier.

In April, Khaleeji Commercial’s board appointed Jassim Mohammed Al-Seddiqi as its new chairman.