Al Salam Bank announces 2022 profit, dividend

TDT | Manama                                        

The Daily Tribune – www.newsofbahrain.com

Al Salam Bank yesterday reported a surge in the fourth quarter and full year 2022 profits, helped by growth in core banking activities and the additional revenue generated from the acquired assets.

As a result, the Board of Directors recommended a dividend distribution of 10% of the Bank's issued and paid-up share capital (5% cash dividends and 5% stock dividends), aggregating BD 24.82 million (US$ 65.8 m).

Q4 Results

The fourth quarter net profit attributable to shareholders was BD 11.3 m (US$ 30.0 m), compared to BD 5.1 m (US$ 13.6 m) in the fourth quarter of 2021, reflecting an increase of 120%.

The increase in net profit was predominantly driven by the growth in core banking activities and the additional revenue generated from the acquired assets as part of the transaction with Ithmaar Holding.

Earnings per share increased to 4.8 fils (US$ 13 cents) from 2.3 fils (US$ 6 cents) for the same period in 2021. Total operating income stood at BD 56.1 m (US$ 148.7 m), an increase of 99% from the BD 28.2 m (US$ 74.8 m) recorded in Q4 2021.

Full-year results

For the fiscal year ending 31 December 2022, the Bank reported a net profit attributable to shareholders of BD 31.6 m (US$ 83.8 m), compared to BD 21.4 m (US$ 56.7 m) in 2021, reflecting an increase of 48%.

Earnings per share increased from BD 8.8 fils (US$ 23 cents) to BD 13.5 fils (US$ 36 cents). Total operating income was BD 155.4 m (US$ 412.2 m), reflecting a 42% increase compared to BD 109.7 m (US$ 291.1 m) for the same period in 2021.

Shaikh Khalid bin Mustahail Al Mashani, Chairman of Al Salam Bank, said: “Looking ahead to 2023, we will continue to execute our strategic roadmap covering new business verticals. We remain set on our upward trajectory and committed to delivering sustainable value for our stakeholders as well as the community.”

Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, said: “We are confident in our model’s resilience and agility as we enter a new fiscal year. Reflecting on 2022, Al Salam Bank continued to build on the successful refresh of its brand identity and the accelerated digital transformation.”