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Al Salam Bank notches up profits of BD16.4m in 2006
MANAMA — Al Salam Bank Bahrain, one of the recent entrants into the region's Islamic banking sector, yesterday reported strong results for the 2006, following its listing on Bahrain Stock Exchange in April.
The bank reported gross revenue of BD20.4 million ($54.1 million) for the period ended December 31, 2006, and a net profit of BD16.4 million ($43.5 million) for the same period. The year-end results highlight the strong financial performance of Al Salam Bank since its April opening.
Announcing the 2006 results, bank Chairman Mohamed Ali Alabbar said, "In less than nine months, Al Salam Bank has been able to achieve a level of success and investor confidence that other financial institutions take years to reach." 2007 will see rapid expansion in Al Salam Bank's product portfolio and network, he added, with the introduction of its retail banking and investment banking services before the end of the second quarter .
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