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

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.

Al Salam Bank has partnered with Mazad Bahrain to introduce innovative financing solutions for purchasing properties through public auctions in Bahrain. This initiative targets individuals, SMEs, and corporate entities, making Al Salam Bank the first in the Kingdom to offer such services. The partnership aims to enhance property ownership processes, improve service efficiency, and support the commercial sector sustainably. Both organizations express their commitment to simplifying auction procedures and fostering Bahrain's investment environment. This collaboration aligns with the Kingdom's vision to boost public-private sector cooperation and improve the real estate market.

Al Salam Bank B.S.C, an Islamic Retail Bank licensed and regulated by the Central Bank of Bahrain, announced a substantial shareholder transaction involving its shares. The transaction was reported to the Bahrain Bourse and Dubai Financial Market. On January 9, 2025, Muscat Overseas Company LLC increased its direct ownership in Al Salam Bank by purchasing 30,434,107 shares, raising its ownership from 201,276,024 shares (7.33%) to 231,710,131 shares (8.43%). The announcement was made by Ali Yusuf Al Khaja, Head of Compliance and MLRO, and was authenticated with a company seal.

Al Salam Bank has partnered with Y. K. Almoayyed & Sons to offer a special promotion for its clients, valid until October 26, 2025. The offer includes a 10% discount on electronics and household appliances, along with a one-year extended warranty at YKA's showrooms in Manama and Gudaibiya. Clients can also use the Bank's "Buy Now, Pay Later" service for flexible payment options. This initiative is part of the Bank's commitment to enhancing the client experience and complements an ongoing offer with Eskan Bank, which provides competitive rates for home furnishing in specific projects. The collaboration aims to provide valuable deals and convenient payment solutions for clients.

Al Salam Bank in Bahrain hosted students from the American University of Bahrain for a training program aimed at enhancing financial awareness. The initiative focused on converting conventional banking products into Shari’a-compliant solutions. Over 15 students participated in sessions led by senior bank representatives from various departments such as Shari’a Compliance, Legal Affairs, Business Development, and Treasury. The program included a tour of the trading floor to observe daily operations. Ms. Muna Albalooshi, Head of Human Resources and Administration at Al Salam Bank, emphasized the bank's commitment to supporting youth and developing national competencies through partnerships with academic institutions. The initiative highlights Al Salam Bank's role in providing innovative banking solutions and contributing to the growth of Bahrain's banking sector.