Organic growth in core banking operations and successful execution of key strategic initiatives lifted Bahrain’s Al Salam Bank net profit attributable to shareholders 39 percent to BD14.3 million ($37.9 million) for the second quarter of 2024 compared to BD10.3 million ($27.3 million) in the corresponding period in 2023.
Earnings per share (EPS) increased by 31.6 percent to 5.0fils ($0.13) in Q2 2024 compared to 3.8 fils ($0.1). Total income for the quarter was BD94.2 million ($249.9 million), an increase of 37.5 percent from BD68.5 million ($181.7 million). Total income attributable to owners reached BD13.6 million ($36.1 million), marking an increase of 118.1 percent from BD6.2 million ($16.6 million).
The bank, listed in Bahrain and Dubai, also released its results for the first six months ending 30 June 2024.
It reported net profit attributable to shareholders of BD28.3 million ($75 million), an increase of 37.6 percent compared to the BD20.6 million ($54.5 million) for H1 2023. EPS increased 31.6 percent to 10 fils ($0.26) compared to 7.6 fils ($0.2), while total income stood at BD162.9 million ($432.1 million), up 41 percent from BD115.5 million ($306.5 million) in the previous half.
With the acquisition of Kuwait Finance House (KFH) Bahrain, total assets increased by 34.1 percent to BD6.9 billion ($18.3 billion) in H1 2024, compared to BD5.1 billion ($13.7 billion) last year. Financing assets and customer deposits increased by 37.9 percent (to $9.8 billion) and 39.3 percent (to $12.9 billion) respectively.
Shaikh Khalid bin Mustahil Al Mashani, Chairman of Al Salam Bank, commented: “We are proud that Al Salam Bank continues to consistently report solid growth in both profitability and market share. The strong performance of the Bank is driven by our robust financial standing, unique banking proposition and the successful rollout of key growth initiatives.
“We are confident that the acquisition of KFH Bahrain will complement our organic growth initiatives and support our drive for further expansion while we cement our position as the largest domestic Islamic bank in Bahrain.”
Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, added: “We are delighted that the Bank was able to achieve record profitability and asset size in H1 2024.
“In line with our strategy, core banking operations continue to be the key driver for Group performance fueled by market-leading offerings, innovative banking solutions, and data-driven decision making powered by advanced technologies and our proprietary AI capabilities.
“Going forward, we are confident that the Group will continue to deliver further sustainable growth and profitability to our stakeholders driven by the execution of new initiatives, including the launch of ASB Capital, our newly-established asset management arm in the DIFC.”
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