MANAMA, 1 May 2007 — Al-Salam Bank-Bahrain, reported yesterday a quarterly net profit of BD5.2 million for the quarter ended March 31, representing a return on equity of 15.1 percent. This performance comes on the back of strong operating results of BD16.4 million ($43.5 million) in net profits for the period ended Dec. 31, 2006. The bank reported gross income of BD7.3 million ($19.2 million) in the first quarter of this year, reflecting a robust performance for the fourth consecutive quarter in a row.
Bank board Chairman Mohamed Ali Alabbar said this impressive performance is on account of continued perseverance of the board and executive management to source profitable deals for our shareholders.
“The bank has gone into 2007 with several milestone investments in China and Malaysia, as well participating in the establishment of a real estate development company in the Kingdom of Bahrain. The bank has clearly demonstrated its forward thinking, diverse and dynamic approach,” he added.
The growth “shows continuation of the momentum we generated since our launch early last year and we aim to maintain and build this momentum through ongoing strategic investments, and by providing diversified banking services and products,” Hussain Al-Meeza, managing director and board vice chairman of Al-Salam Bank-Bahrain, said.
He added that Al-Salam Bank’s product portfolio has already seen the introduction of the bank’s retail banking services and numerous strategic investments. “The year 2007 will continue to see expansion in Al-Salam Bank’s portfolio and network, with the imminent introduction of investment banking services before the end of the second quarter,” he pointed out.