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.

By A Staff Reporter

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Published: Sat 3 Feb 2007, 9:05 AM

Last updated: Sat 4 Apr 2015, 9:47 PM

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 .

"Keeping with our primary goal of offering differentiated services and products, we have spent a great deal of time preparing for the launch of our retail operations, bringing together the right team of experienced investment and finance specialists from around the world and a state-of-the-art core banking system," Alabbar added.

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