Press releases, Reports & Disclosures for Al Salam Bank B.S.C

Al Salam Bank has partnered with talabat to offer Visa Credit and Multi-Currency Prepaid cardholders a free 12-month t-pro subscription. This offer is available from September 1 to October 13, 2024, and includes benefits such as free delivery and special rewards. The t-pro service, recently launched in talabat Bahrain, provides unlimited free delivery from selected restaurants, grocery stores, pharmacies, and shops. The partnership aims to enhance client experience and satisfaction. For more details, visit Al Salam Bank's website or contact them via WhatsApp or their virtual branch.

Al Salam Bank B.S.C., licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain, announced a transaction involving a substantial shareholder. On 18 August 2024, Overseas Investment S.P.C. sold 12,513,924 shares, reducing their ownership from 175,504,546 shares (6.38%) to 162,990,622 shares (5.93%). The announcement was made to both the Bahrain Bourse and Dubai Financial Market. The transaction details were communicated by Ali Yusuf Al Khaja, Head of Compliance and MLRO.

Al Salam Bank announced its financial results for the first half of 2024, showing significant growth. For the second quarter of 2024, the bank reported a net profit attributable to shareholders of BD 14.3 million (US$ 37.9 million), a 39.0% increase from the same period in 2023. Earnings per share rose by 31.6% to 5.0 fils (13.3 cents). Total comprehensive income for Q2 2024 was BD 13.6 million (US$ 36.1 million), up 118.1% from Q2 2023. Total income for the quarter increased by 37.5% to BD 94.2 million (US$ 249.9 million). For the first half of 2024, the bank reported a net profit of BD 28.3 million (US$ 75.0 million), a 37.6% increase from H1 2023. Earnings per share for H1 2024 were 10 fils (26.5 cents), up 31.6%. Total comprehensive income for H1 2024 was BD 39.8 million (US$ 105.7 million), a 54.8% increase from H1 2023. Total income for H1 2024 was BD 162.9 million (US$ 432.1 million), up 41.0% from H1 2023. Total equity attributable to shareholders increased by 5.0% to BD 354.4 million (US$ 940.1 million) as of 30 June 2024. Total assets grew by 34.1% to BD 6.9 billion (US$ 18.3 billion), driven by organic growth and the acquisition of KFH Bahrain. Financing assets and customer deposits increased by 37.9% and 39.3%, respectively. The bank maintained a strong capital adequacy ratio of 20.4%. Chairman Shaikh Khalid bin Mustahil Al Mashani expressed pride in the bank's consistent growth in profitability and market share, attributing the success to strong financial standing, unique banking propositions, and key growth initiatives. He noted that the acquisition of KFH Bahrain would support further expansion and solidify the bank's position as Bahrain's largest domestic Islamic bank.

The financial summary of Al Salam Bank B.S.C. as of 30 June 2024 includes various types of financing and placements, such as Murabaha, Mudaraba, and Musharaka financing, among others. The bank's Sharia-compliant income from these activities is detailed, with significant amounts from Murabaha financing (1,017,190 BHD) and finance lease assets (1,457,591 BHD). Non-Sharia income is not recognized in the income statement but is transferred to a charity pool for disbursement. The balance sheet also includes placements from financial institutions and individuals, customers' current accounts, and equity of investment accountholders. Non-Sharia-compliant assets resulted from acquisitions of BMI Bank, AlSalam Seychelles, and Bahraini Saudi Bank.

Al Salam Bank is participating in Youth City 2030 by hosting a training program aimed at young participants aged 9 to 14. The initiative focuses on enhancing financial literacy, budget management, and savings skills among youth. An employee from the bank will conduct the training, covering topics such as the bank's products and services, digital financial tools, and an overview of branch operations. The program also includes a segment on entrepreneurship and the banking industry. Mr. Mohammed Buhijji, Head of Retail Banking, expressed pride in contributing to the national initiative and emphasized the importance of educating youth on financial and business matters.

Al Salam Bank B.S.C. has announced that its Board of Directors approved the Interim Condensed Consolidated Financial Statements for the period ending June 30, 2024. This announcement was made to both the Bahrain Bourse and the Dubai Financial Market. The statement was signed by Ali Yusuf Al Khaja, the Head of Compliance and MLRO, and includes the company's seal.