Al Salam Bank Bahrain reports 2006 profit of US$43.5 million
Al Salam Bank Bahrain, one of the recent entrants into the region’s Islamic banking sector, today reported robust performance for the year 2006, following its listing on Bahrain Stock Exchange in April 2006. The Bank reported gross revenue of BD 20.4 million (USD 54.1 million) for the period ended 31 December 2006, and a net profit of BD 16.4 million (USD 43.5 million) for the same period. The year-end results highlight the strong financial performance of Al Salam Bank since its April opening.
Announcing the 2006 results, Bank Chairman Mohamed Ali Alabbar said: “In less than nine months, Al Salam Bank has been able to achieve a level of success and investor confidence that other financial institutions take years to reach. We thank all those who have believed in us, and are committed to raising the standard even further and continue delivering on our promise to our shareholders, clients and future depositors.”
The year 2007 will see a rapid expansion in Al Salam Bank’s product portfolio and network, he added, with the imminent introduction of its retail banking and investment banking services before the end of the second quarter 2007.
“In keeping with our primary goal of offering differentiated world-class services and products, we have spent a great deal of time preparing for the launch of our retail operations, bringing together the right team of experienced investment and finance specialists from around the world and a state-of-the-art core banking system,” Alabbar added.
The Bank’s enviable growth has been closely followed in the region’s banking and finance sector. Its IPO in 2006 was oversubscribed by 63 times, and drew
USD 7 billion in subscriptions.
“The results for the period ended 31 December 2006 are remarkable, and have exceeded our expectations. This is a great start for a young bank with global aspirations. We have everything in place and have every reason to be very optimistic that 2007 will see our business grow even stronger,” said Mr. Hussain Al Meeza, Managing Director and Board Vice Chairman of Al Salam Bank. "I would also like to take this opportunity to thank Mr. Yousif Taqi and his team who contributed in achieving these excellent results in such a short time".
Al Salam Bank was established on 19 January 2006 in the Kingdom of Bahrain with authorised capital of BD 120 million (US$ 318 million). Al Salam Bank Bahrain BSC operates under an Islamic banking licence issued by the Central Bank of Bahrain (formerly Bahrain Monetary Agency). The Bank’s Initial Public Offering (IPO) of 35 per cent of the paid-up capital, which closed in March 2006, raised over BD 2.7 billion (US$ 7 billion) and was the largest IPO in the Kingdom’s history. The Bank was subsequently listed on the Bahrain Stock Exchange on 27 April 2006.
The founding shareholders of Al Salam Bank hold 65 per cent of the paid-up capital. They include Emaar Properties, Amlak Finance, Dubai Investment Group, Dubai Holding, Global Investment House, Lebanese Canadian Bank, Al Salam Bank Sudan, and Dubai Islamic Insurance and Reinsurance Company (Aman).
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