Mubasher: The net profits attributable to the shareholders of Al Salam Bank – Bahrain jumped by 144% to BHD 6.087 million ($16.15 million) during the first quarter (Q1) of 2021 from BHD 2.512 million ($6.7 million) in the year-ago period, according to the bank's consolidated interim financials for the period ended 31 March 2021.
The bank's net operating income increased to BHD 18.475 million in Q1-21, compared to BHD 13.709 million in Q1-20.
The bank's total assets rose by 3.6% to BHD 2.343 billion ($6.217 billion) as of 31 March 2021 from BHD 2.261 billion ($5.998 billion) in the same quarter 2020.
The basic and diluted earnings per share (EPS) settled at 2.6 fils in Q1-21, compared to 1.1 fils in Q1-20.
The Group CEO of Al Salam Bank-Bahrain, Rafik Nayed, commented: "Alongside sustained digital roll-outs to meet rising customer expectations, which were accelerated during the period, we will soon inaugurate the roll out of a new holistic 3-year strategy focusing on core banking, digital, brand and marketing initiatives."
It is noteworthy to mention that in 2020, the bank reported a 57% drop in net profits attributable to the shareholders to BHD 9.1 million from BHD 21.1 million in 2019.
