Mubasher: The net profits attributable to the shareholders of Al Salam Bank – Bahrain surged by 50.1% to BHD 10.7 million ($28.3 million) during the first six months of 2021, compared to BHD 7.1 million ($18.8 million) in the same period of 2020.

The rise in net profits is driven by higher growth within the bank’s core activities in 2021, according to a press release on Thursday.

The bank's total operating income rose by 7.6% to BHD 54 million ($143.2 million) in the first half (H1) of 2021 from BHD 50.2 million ($133.1 million) in the year-ago period.

The bank's total assets increased by 16.5% to BHD 2.6 billion ($7 billion) from BHD 2.3 billion ($6 billion) in 2020. 

The earnings per share (EPS) stood at 4.6 fils in the January-June period of 2021, compared to 3 fils in the corresponding period of 2020

The Chairman of Al Salam Bank – Bahrain, Shaikh Khalid bin Mustahil Al Mashani, said: "In view of the significant changes that transpired in the local economy and banking landscape over the past year, we swiftly set into motion the implementation of a newly formed three-year strategy that methodically charts the overall direction of the Bank, with calculated targets for aspirational growth and profitability."

Meanwhile, the Group CEO of Al Salam Bank – Bahrain, Rafik Nayed, commented: "Our resilience throughout the period is supported by the continuous roll-out of digital solutions which are designed to uplift our customer experiences with unmatched products and features."

It is noteworthy to mention that during the first quarter (Q1) of 2021, the bank's net profits attributable to the shareholders jumped by 144% to BHD 6.087 million from BHD 2.512 million in the year-ago period.