Mubasher: The net profits attributable to the shareholders of Al Salam Bank – Bahrain decreased to BHD 7.1 million ($ 18.8 million) in the first half (H1) of 2020, down 42% from BHD 12.31 million ($32.6 million) in the corresponding half of 2019.

The bank's net income increased to BHD 30.34 million in H1-20 from BHD 27.09 million in H1-19, according to the bank's consolidated interim financial results for the period ended on 30 June 2020.

The bank's total assets increased to BHD 2.193 billion as of 30 June 2020 from BHD 2.047 billion as of 31 December 2019.

The basic and diluted earnings per share (EPS) settled at 3.3 fils in the first six months of 2020, versus 5.7 fils in the same period of 2019.

The bank's chairman, Sheikh Khalid bin Mustahil Al Mashani, said: "Although the first half of 2020 was one of the most challenging and unpredictable periods in recent history, the Bank has delivered a robust performance in terms of operations and steady business growth."

Meanwhile, the Group CEO of Al Salam Bank-Bahrain, Rafik Nayed, noted: "Our core banking engine performed exceptionally well during this difficult period, with customer deposits and financing portfolio growing by 15% and 11% respectively, closing the half-year with a balance sheet size of BHD 2.2 billion ($5.8 billion), up from BHD 2 billion ($5.3 billion) at the end of 2019."

It is noteworthy to mention that in 2019, the bank reported a net profit attributable to shareholders worth BHD 21.1 million, 14% year-on-year (YoY) higher than BHD 18.5 million in 2018.