Al Salam Bank's Financial Resilience: 2024 Results and Historical Comparison
An in-depth analysis of Al Salam Bank B.S.C.'s latest financial report, comparing it with previous years to evaluate growth and strategic direction.
Summary
Al Salam Bank B.S.C. has shown significant financial growth in 2024, with increases in key performance indicators such as net profit and total assets. This report compares the latest financial results with previous years, highlighting the bank's strategic initiatives and market position.
Al Salam Bank's Financial Resilience: 2024 Results and Historical Comparison
Al Salam Bank B.S.C. has recently released its consolidated financial statements for the year ending 31 December 2024, showcasing a robust financial performance that highlights the bank's strategic growth and market positioning. This article delves into the key financial metrics from the latest report and compares them with previous years to provide a comprehensive analysis of the bank's financial health and strategic initiatives.
Key Financial Performance Indicators
| KPI | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | BD 255.4 million | BD 279.3 million | BD 155.4 million |
| Operating Income | BD 92.6 million | BD 71.44 million | BD 44.16 million |
| Net Income | BD 42.3 million | BD 42.2 million | BD 31 million |
| Earnings per Share | 15 fils | 17.2 fils | 12.4 fils |
| Debt Ratio | 20.4% | 19.9% | 20.4% |
| Interest Coverage Ratio | Not disclosed | Not disclosed | Not disclosed |
Comparative Analysis of KPIs
| KPI | Change from 2023 to 2024 | Change from 2022 to 2023 |
|---|---|---|
| Revenue | -8.5% | 79.6% |
| Operating Income | 29.7% | 61.7% |
| Net Income | 0.24% | 36.1% |
| Earnings per Share | -12.8% | 38.7% |
| Debt Ratio | 0% | -0.5% |
Conclusion
Al Salam Bank's financial performance in 2024 reflects its strategic initiatives and market adaptability, with a slight decline in revenue but strong operating income growth. The bank's ability to maintain a stable debt ratio while increasing its net income and earnings per share highlights its financial resilience. Investors should consider the bank's strategic acquisitions and digital transformation efforts as positive indicators of its future growth potential.
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.
