Al Salam Bank quarterly and nine-months profits surge

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Al Salam Bank yesterday announced third quarter 2023 profits attributable to shareholders of BD 10.45 million (US$ 27.72m) compared to BD 6.77m (US$ 17.95m) in the same quarter in 2022, reflecting a significant increase of 54%.

The increase is predominantly driven by the growth in core banking activities and additional earnings derived from key strategic initiatives, including uplifts from the acquisition of a majority stake in Al Salam Bank Algeria.

Ernings per share increased to 4.2 fils (US$ 11.1 cents) from 2.9 fils (US$ 7.7 cents) in the year-earlier quarter.

Total operating income was BD 71.44m (US$ 189.50m) – a 62% increase from the BD 44.16m (US$ 117.15m) recorded in the third quarter of 2022.

Nine-onth results Nine-month net profits attributable to shareholders was BD 31m (US$ 82.24m) compared to BD 20.29m (US$ 53.81m) for the same period in 2022, reflecting an increase of 53%.

Earnings per share increased to 12.4 fils (US$ 32.9 cents) from 8.6 fils (US$ 22.8 cents) for the same period in 2022.

Total operating income stood at BD 202.49m (US$ 537.11m) compared to BD 101.05m (US$ 268.03m) for the same period in 2022, reflecting an increase of 100%.

Shaikh Khalid bin Mustahil Al Mashani, Chairman of Al Salam Bank, commented: “We have confidence that we will sustain our growth trajectory by implementing strategic initiatives centered around customer-centricity, digitization, and continued market share acquisition.

The Bank is well positioned to deliver value to our shareholders despite market conditions and increased competition.”

Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, said: “The Bank is now well positioned to continue to deliver strong results on a sustainable basis.

We are committed to implementing our forward-looking initiatives enabling us to capitalize on emerging opportunities and