Al Salam Bank announced achieving a net profit attributable to shareholders of BD 5.1 million (13.6 million .). US dollars) during the fourth quarter of 2021. Compared to 1.1 million Bahraini dinars (2.8 million US dollars) during the fourth quarter of 2020 . That is an increase of 381 .%. The increase in net profit was driven by higher returns from core business activities of the Bank, compared to the previous period . Earnings per share amounted to 2.2 fils (5.8 US cents) for the fourth quarter of 2021. compared to 0.5 fils (1.3 US cent) in the same quarter of 2020, reflecting an increase by 340%. While total operating income amounted to BD25.7 million (US$68.2 million) in the quarter Fourth of 2021. an increase of 15.1%from BD22.3 million (US$59.2 million) recorded in the fourth quarter of year 2020.
The bank recorded an increase in its profits for the fiscal year ending on December 31, 2021, by 134%The net profit attributable to shareholders increased to BD 21.4 million (US$ 56.7 million). ) for the year 2021. Compared to 9.1 million Bahraini dinars (24.2 million US dollars) for the year 2020. While the earnings per share amounted to 9.1 fils (24.1 US cents) for the year 2021, compared to a return of 3 .9 fils (10.3 US cents) in 2020. an increase of 133%. Year-on-year total operating income was BD107.3 million (US$284.5 million ) for the year ended December 31, 2021. an increase of 11.1%From BD96.6 million (US$256.2 million) recorded for the year ended December 2020.
And the total equity amounted to 296.3 million Bahraini dinars (785.8 million US dollars) at the end of December from the year 2021. Compared to 280.8 million Bahraini dinars (744.8 million US dollars) for the same period in 2020, i.e. an average increase of 5.5%. Also, total assets increased steadily during 2021. with an increase of 19%To reach 2.7 billion Bahraini dinars (7.1 billion US dollars), compared to 2.3 1 billion Bahraini dinars (6.0 billion US dollars) in December 2020. This growth was also accompanied by a substantial improvement in asset quality during 2021. Where the volume of non-performing funds decreased significantly to represent only 2.1%Of the total financing portfolio thanks to the effective collection initiatives implemented by the Bank, the high quality of new financing. The bank also maintained a high capital efficiency ratio, which amounted to 28.5 .%in 2021. against 26.5%in the year 2020.
In light of this strong performance in 2021. The Board of Directors decided to recommend to the General Assembly the distribution of dividends at the rate of 7%%From the issued and fully paid up capital of the bank (4%cash dividends and 3%Bonus dividends) totaling BD 16.35 million (US$ 43.4 million), After fulfilling the necessary conditions and approvals by the shareholders and the regulatory authorities.
The Chairman of the Board of Directors of Al Salam Bank Khalid bin Mustahail Al-Ma’ashani said: “The successful implementation of growth initiatives has been reflected Positively on the bank’s strong performance in 2021. The core banking services witnessed a recovery driven by the endogenous growth of all business segments of the bank. We look forward to continuing on this approach and achieving more successes, God willing, in line with our aspirations strategy over the coming years.
Rafic Nayed, Group CEO of Al Salam Bank, said: “By God’s grace and grace, we have been able to enhance The bank’s leading position in 2021. We have launched innovative products and services to enhance the banking experience of our customers. In addition to inaugurating the institutional vision, ushering in a new era of transformation and embracing a conscious and goal-oriented vision. Which embodies our identity in Al Salam Bank. Accordingly, these initiatives have enabled us to achieve robust growth, increase our market share, and strengthen our position. Our strong performance across all levels is a testament to the bank’s ambitious approach and its ability to stand out and stand out.” .
A full copy of the financial statements, which were reviewed by the external auditor “KBM”, is available G» without expressing a qualified opinion, and the press release related to it on the website of the Bahrain Bourse.