Mubasher: Al Salam Bank – Bahrain reported a net profit attributable to shareholders worth BHD 21.1 million, 14% year-on-year (YoY) higher than BHD 18.5 million.

Earnings per share (EPS) stood at 9.8 fils by 2019 year-end, as compared to 8.7 fils in 2018, according to a press release on Thursday.

The bank’s assets leaped by 19% on an annual basis last year, recording BHD 2 billion when compared to BHD 1.7 billion.  

In the fourth quarter (Q4) of last year, the bank logged a net profit attributable to shareholders of BHD 4 million, down by 20% from BHD 5 million in the same quarter in 2018. In addition, EPS slipped to 1.8 fils from 2.3 fils.  

The board of directors proposed a cash dividend distribution of BHD 17.7 million or 8 fils per share for 2019, equivalent to 8% of the bank’s issued and paid-up share, alongside a bonus share distribution amounting to 4% of the capital.   

Commenting on the results, CEO of Al Salam Bank – Bahrain, Rafik Nayed, said, “We remain committed to position the bank for future growth and the ever-changing landscape in the sector. Our new strategy is designed to strengthen and streamline the bank’s operating model through a renewed focus on our core banking activities and the rollout of new technologies.”

“Effective implementation of our three-year road map has generated a 30% increase in our financing portfolio, a steady acceleration in customer acquisition, a 28% growth in total deposits, further diversification of funding sources via the expansion of our banking network in frontier emerging markets and, in aggregate, a balance sheet that exceeded two billion Bahraini Dinars for the first time in the Bank’s history,” he concluded.  

In the January to September 2019 period, the bank achieved a net profit attributed to shareholders worth BHD 17.223 million, versus BHD 13.592 million a year earlier.

The bank is dually listed on the Dubai Financial Market (DFM) and Bahrain Bourse (BHB).