Al Salam Bank registers net profit of $18mln: Bahrain

Al Salam Bank registers net profit of $18mln: Bahrain

Al Salam Bank has reported a net profit of BD6.8 million ($18m) in the third quarter of 2022, compared to BD5.6m ($14.8m) for the same period in 2021, reflecting a 22 per cent increase, primarily driven by growth in core banking activities.

Earnings per share stood at 2.9 fils for the third quarter of 2022 compared to 2.3 fils for the same period in 2021, reflecting an increase of 26pc.

Total operating income for the quarter stood at BD44.1m, a 60pc increase from BD27.6m in the third quarter of 2021.

For the nine months ended September 30, 2022, the bank reported a 25pc increase in net profit, achieving BD20.3m compared to BD16.2m for the same period in 2021.

Correspondingly, earnings per share during the nine-month period stood at 8.6 fils in 2022 compared to 6.7 fils in 2021, reflecting an increase of 28pc.

Total operating income for the nine-month period increased by 22pc to BD99.3m compared to BD81.6m for the same period in 2021.

As the first publications of results post the transaction with Ithmaar Holding, which included the consumer banking division of Ithmaar Bank, the bank’s income statement included one-off items such as the Day 1 ECL charge and other acquisition related adjustments arising from