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Sun 25 Jan 2009 11:06 AM

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Salam Bank posts 50% drop in Q4 net profit

Islamic bank makes 2.88 mn Bahraini dinars ($7.64 mn) in quarter ended Dec. 31, 2008.

Bahrain-based Islamic bank Al Salam Bank posted on Sunday a 50 percent decline in fourth-quarter net profit, while positive one-time effects helped it grow its full-year profits.Al Salam made a profit of 2.88 million Bahraini dinars ($7.64 million) in the quarter ended Dec. 31, compared with 5.79 million dinars ($15.36 million) in the year-earlier quarter, according to Reuters calculations.

The bank in a regulatory filing said full-year net profit grew 10.3 percent to 25.54 million dinars ($67.75 million).

It said in the statement it gained 30.27 million dinars ($80.3 million)from divesting held-for-sale assets during 2008, compared with 11.02 million of assets held-for-sale sold in 2007. The bank did not provide specifics on these assets.

Islamic banks cater to investors who want to avoid earning or paying interest, viewed as usury under Islamic law. (Reuters)

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