Al Salam Bank - Bahrain Reports First Quarter 2007 Net Profit of BD5.2 million (USD13.7 million)
Al Salam Bank- Bahrain, today reported quarterly net profit of BD5.2 million for the quarter ended 31 March 2007 representing a return on equity of 15.1 per cent. This performance comes on the back of the strong operating results of BD16.4 million (USD 43.5) in net profits posted for the period ended 31 December 2006. The Bank reported gross income of BD7.3 million (USD19.2 million) for the period ended 31 March 2007. The quarterly results reflect a strong performance of the Bank for the fourth consecutive quarter in a row.
Announcing the quarterly results, the Bank Board Chairman, Mr Mohamed Ali Alabbar, said this impressive performance is on account of continued perseverance of the Board and executive management to source profitable deals for our shareholders. The deal pipe line is healthy and the Bank is poised to post an impressive 2007 barring the unforeseen.
He added “The Bank has gone into 2007 with several milestone investments in China and Malaysia as well participating in the establishment of a real-estate development company in the Kingdom Bahrain. The Bank has clearly demonstrated its forward thinking, diverse and dynamic approach.”
“We are pleased to march into 2007 with a strong quarterly performance. It shows continuation of the momentum we generated since our launch early last year, we aim to maintain and build this momentum through ongoing strategic investments, such as those recently announced, and by providing diversified banking services and products.” said Mr. Hussain Al-Meeza, Managing Director and Board Vice Chairman of Al Salam Bank Bahrain.
He also stated that Al Salam Bank’s product portfolio has already seen the introduction of the Bank’s retail banking services and numerous strategic investments. The year 2007 will continue to see expansion in Al Salam Bank’s portfolio and network, with the imminent introduction of investment banking services before the end of the second quarter. He expressed his thanks and appreciation to Mr. Yousif Taqi and his team who contributed in achieving these excellent results.
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).