Al Salam Bank records 381% profit growth

Total operating profit for the quarter was BD25.7 million ($68.2 million), an increase of 15.1% from BD22.3 million ($59.2 million) recorded in Q4-2020.

For the year ended December 31, 2021, the bank reported net profit attributable to shareholders of BD 21.4 million ($56.7 million) for 2021, compared to BD 9.1 million ($24.2 million). dollars) in 2020, an increase of 134%.

As a result, earnings per share were 9.1 fils (24.1 cents) in 2021, compared to 3.9 fils (10.3 cents) for the same period in 2020, reflecting growth of 133% in year-on-year.

Total operating income for the 12-month period also increased 11.1% to BD 107.3 million ($284.5 million) from BD 96.6 million ($256.2 million). dollars) for the same period in 2020.

Total equity increased by 5.5%, from 280.8 MBD ($744.8 M) in 2020 to 296.3 MBD ($785.8 M) at the end of December 2021.

Total assets increased by 19% in 2021 to reach BD 2.7 billion ($7.1 billion) from BD 2.3 billion ($6 billion) in December 2020.

The growth was accompanied by a robust improvement in asset quality in 2021, with the bank’s non-performing facility ratio declining to 2.1%, driven by high quality bookings and optimization initiatives.

The bank maintained a strong capital ratio of 28.5% in 2021 compared to 26.5% in 2020.

Following the bank’s strong performance in 2021, the board recommended a dividend distribution of 7% of the bank’s issued and paid-up share capital (4% cash dividends and 3% stock dividends) , totaling BD16.35 million ($43.4 million).

The dividend recommendation is subject to AGM and regulatory approvals.

Commenting on the results, Chairman Shaikh Khalid bin Mustahil Al Mashani said, “The successful implementation of our growth initiatives positively reflected the strong performance of the bank in 2021. The core banking portfolio continued its upward trajectory, driven through robust organic growth and optimization across all verticals. . We look forward to continuing to build on this growth trajectory and to achieving further success in line with our strategic aspirations in the years to come. »

Rafik Nayed, Managing Director of Al Salam Bank Group, said: “We have reinforced the bank’s leading position in 2021 by continuing to launch innovative products and services to further enhance our customers’ banking experience.

“We also launched our new brand DNA, marking a new era of transformation and embracing a more conscious and purpose-driven brand that encapsulates the spirit of who we are at Al Salam Bank. Together, these initiatives have enabled us to achieve robust growth, increase our market share and improve our market positioning.

“Our solid performance in the various business sectors is a testament to the bank’s forward-looking approach and its ability to differentiate itself from the competition.”

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