Bahrain’s Al Salam Bank made a $156 million profit in 2024 due to strong banking operations
Bahrain’s Al Salam Bank made a net profit of $156.5 million (BD 59 million) in 2024, a 40% increase from last year. This growth was driven by strong performance in its main banking business, subsidiaries, and partners.
Al Salam Bank’s 2024 Results
Al Salam Bank’s total income in 2024 grew by 43.3%, reaching $933.1 million (BD 351.6 million), as stated in a stock market filing on Thursday.
The bank’s total equity, which belongs to its shareholders, increased by 6.8% to $956.2 million (BD 360.5 million). This helped strengthen its financial position. The capital adequacy ratio, which measures financial stability, improved from 20.4% to 24.8%.
Earnings per share rose to 54.9 cents (20.7 fils), up from 43.2 cents (16.3 fils) the previous year.
CEO’s Statement
Group CEO Rafik Nayed said that in 2024, the bank successfully acquired and integrated Kuwait Finance House – Bahrain in a short time. It also launched ASB Capital, its asset management arm, and significantly increased its profits.
The bank’s board has proposed a 14% dividend payout, which includes 6% in cash and 8% in shares, totaling $99.6 million (BD 37.5 million).
Financial Growth
The bank’s total assets grew by 37.2% to $18.73 billion (BD 7.06 billion), mainly due to business expansion. Its financing portfolio increased by 36.8% to $9.71 billion (BD 3.66 billion), while customer deposits rose by 41.7% to $13.12 billion (BD 4.95 billion).
Future Plans
Chairman Shaikh Khalid bin Mustahail Al Mashani said the bank will focus on new opportunities in banking, insurance (takaful), and asset management to strengthen its position as a leading financial group in the region.
Background
In May 2023, Al Salam Bank completed the purchase of Kuwait Finance House Bahrain. In November, it launched ASB Capital, an asset management company based in Dubai International Financial Center, which now manages $4.5 billion in assets.
Published: 7th February 2025
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