Mubasher: The net profits attributable to the shareholders of Al Salam Bank – Bahrain slid by 54% to BHD 8.07 million ($21.4 million) in the first nine months of 2020 from BHD 17.22 million ($45.7 million) during the corresponding period of 2019.

The bank's net income rose to BHD 44.89 million in the January-September period of 2020 from BHD 39.896 million in the corresponding period of 2019, according to the bank's consolidated interim financial results for the period ended on 30 September 2020.

The basic and diluted earnings per share (EPS) settled at 3.8 fils in the first nine months of 2020, compared to 7.9 fils in the prior-year period.

The bank's net profits plunged to BHD 972,000 during the third quarter (Q3) of 2020 from BHD 4.9 million in the same period of 2019.

Al Salam Bank-Bahrain’s Chairman, Sheikh Khalid bin Mustahil Al Mashani, said: "The first nine months of 2020 have been marked by unprecedented instability and volatility for all sectors and industries across the board, and banking is no exception."

The Group CEO of Al Salam Bank-Bahrain, Rafik Nayed, added: "Core banking activities have performed exceptionally well and achieved steady growth despite the industry facing one of the most challenging and unpredictable periods in living memory."

It is noteworthy to mention that in the first half (H1) of 2020, the bank's net profits decreased to BHD 7.1 million, down 42% from BHD 12.31 million in the corresponding half of 2019.