Mubasher: The consolidated financial results of Al Salam Bank – Bahrain reported a 57% drop in net profits attributable to the shareholders to BHD 9.1 million ($ 24.2 million) in 2020 from BHD 21.1 million ($ 56 million) in 2019.

The bank's net operating income increased to BHD 57.420 million last year from BHD 53.527 million in 2019.

The basic and diluted earnings per share (EPS) stood at 4.3 fils in 2020, against 9.7 fils in 2019.

The bank's total assets rose by 11% to BHD 2.261 billion in 2020 from BD 2.043 billion in 2019.

During the fourth quarter (Q4) of 2020, the bank's net profits retreated by 72% to BHD 1.1 million ($ 2.8 million) in 2020 from BHD 3.9 million ($ 10.3 million) in the year-ago period.

At the same time, the board recommended a stock dividend distribution, equivalent to 5% of the bank’s issued and paid-up share capital or 1 share for every 20 shares, aggregating at a total amount of BHD 11.5 million ($ 30.6 million).

The Chairman of Al Salam Bank – Bahrain, Khalid bin Mustahil Al Mashani, said: "At the very earliest stages of the pandemic, the Bank developed and was quick to implement a clear, short-term strategy with a simple objective: to build resilience and ultimately exit this pandemic period in a stronger position than when we entered it."

Meanwhile, The Group CEO of Al Salam Bank-Bahrain, Rafik Nayed, commented: "Technology and innovation have been at the core of Al Salam Bank’s resilience in the face of near unprecedented global disruption throughout 2020."

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