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

Al Salam Bank, in partnership with BYD, has launched an exclusive auto financing offer for new energy vehicles in Bahrain, running from February 15 to March 31, 2025. This initiative supports the bank's Environmental, Social, and Governance (ESG) goals by promoting eco-friendly transportation. Clients financing a BYD new energy vehicle through the bank can receive a cashback reward of up to BHD 1,000, subject to terms and conditions, along with flexible financing solutions. The initiative aligns with Bahrain's sustainability agenda and the global shift towards a low-carbon economy. The offer is timed to coincide with increased vehicle demand during Ramadan. Both Al Salam Bank and BYD emphasize their commitment to sustainable mobility and providing innovative financial solutions.

The Chairman of the Board of Directors of Al Salam Bank B.S.C invites shareholders to the Annual Ordinary and Extra Ordinary General Meetings on 19 March 2025 at the Ritz Carlton Hotel, Bahrain. If a quorum is not met, subsequent meetings are scheduled for 27 March and 9 April 2025. The Ordinary Meeting agenda includes approval of previous minutes, discussion of reports and financial statements for 2024, approval of profit appropriations, director remuneration, and appointments for the Shari’a Supervisory Board and external auditors for 2025. The Extraordinary Meeting agenda includes ratifying previous minutes, increasing share capital, amending the Bank's Memorandum and Articles of Association, and authorizing necessary formalities for these changes. Shareholders registered on the meeting date can attend or appoint a proxy, with forms available on the Bank's website. Proxies must be submitted 24 hours before the meeting. Institutional shareholders must provide a stamped and signed proxy form. Financial statements and meeting documents are available online. For inquiries, contact the Investor Relations Department.

Al Salam Bank has partnered with talabat to launch an exclusive Ramadan 2025 offer, providing a free one-year subscription to talabat pro for its credit and prepaid cardholders. This offer includes benefits such as unlimited free delivery and exclusive discounts, available to the first 3,500 cardholders who register through a dedicated link in the talabat app between February 23 and March 29, 2025. The initiative aims to enhance the digital shopping experience during Ramadan. Mohammed Buhijji of Al Salam Bank and Moayad Aqel of talabat Bahrain expressed their enthusiasm for the collaboration, highlighting the value it brings to clients. Those interested can subscribe via the talabat app or contact Al Salam Bank for more information.

The financial data for Al Salam Bank B.S.C. outlines various categories of Sharia-compliant income, including financing contracts, placements with financial institutions, and different types of Islamic financing such as Murabaha, Mudaraba, and Musharaka. The bank also reports on finance lease assets and credit cards, among other assets. Non-Sharia income, resulting from the acquisition of BMI Bank, AlSalam Seychelles, and Bahraini Saudi Bank, is not included in the income statement but is instead allocated to a charity pool for donation purposes. The balance sheet and income statement are as of December 31, 2024.

Al Salam Bank B.S.C has announced that its Board of Directors has approved the Consolidated Financial Statements for the year ending December 31, 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 Money Laundering Reporting Officer.

Al Salam Bank reported a net profit of BD 16.7 million in Q4 2024, marking a 48.7% increase compared to the same period in 2023. This growth was mainly driven by the strong performance of its core banking operations and subsidiaries. However, total comprehensive income for the quarter showed a loss of BD 4.0 million, largely due to changes in the fair value of investments. For the fiscal year 2024, the bank's net profit rose by 39.8% to BD 59.0 million, with earnings per share increasing to 20.7 fils. Total comprehensive income for the year also increased by 33.2%. The bank's total equity grew by 6.8%, enhancing its capital adequacy ratio from 20.4% to 24.8%. Total assets expanded by 37.2% to BD 7.06 billion, driven by organic and inorganic growth. The board recommended a 14% dividend distribution, pending approvals. The bank's leadership highlighted the success of strategic initiatives, including the acquisition of Kuwait Finance House - Bahrain and the launch of ASB Capital. Future plans focus on AI, digital adoption, and expanding market share.