Al Salam Bank B.S.C. Shows Resilient Growth in Latest Financial Report
Al Salam Bank B.S.C. has released its consolidated financial statements for the year ending December 31, 2024, showcasing robust growth in key financial metrics.
Summary
Al Salam Bank B.S.C.'s latest financial report for 2024 highlights significant growth in revenue, net income, and other key performance indicators, reflecting successful strategic initiatives and market expansion.
Al Salam Bank B.S.C. Unveils Strong Financial Performance for 2024
Al Salam Bank B.S.C. has recently published its consolidated financial statements for the year ending December 31, 2024. The report reveals substantial growth across several key financial metrics, underpinning the bank's strategic initiatives and market expansion efforts.
Key Performance Indicators
| KPI | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | BD 255.4 million | BD 178.0 million | 43.5% |
| Operating Income | BD 92.6 million | BD 62.5 million | 48.1% |
| Net Income | BD 42.3 million | BD 31.0 million | 36.5% |
| Earnings per Share | 15 fils | 11.8 fils | 27.1% |
| Debt Ratio | 33.5% | 35.0% | -4.3% |
| Interest Coverage Ratio | 20.4% | 19.8% | 3.0% |
Analysis of Financial Performance
Al Salam Bank's financial performance in 2024 reflects a combination of organic growth and successful acquisitions, such as the consolidation of Kuwait Finance House Bahrain B.S.C. The bank's total revenue increased by 43.5%, driven by strong core banking operations and strategic market expansions.
The net income saw a significant rise of 36.5%, attributed to improved operational efficiency and cost management. The bank maintained a robust capital adequacy ratio of 20.4%, indicating a strong financial position to support future growth.
Conclusion for Investors
The positive financial results and strategic initiatives undertaken by Al Salam Bank demonstrate its resilience and ability to capture market opportunities. The bank's focus on innovation and market expansion positions it well for continued growth in the coming years. Investors may find the bank's strong financial health and growth potential attractive for long-term investment.
Source
Summary
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.
