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Al Salam Bank Bahrain to pay $28m in dividend

MANAMA, February 25, 2015

The shareholders of Al Salam Bank Bahrain will get BD10.7 million ($28.2 million) as dividend following the approval of the board recommendation at the bank's Annual General Meeting yesterday (February 24).

The dividend payout amounts to five per cent of the paid-up capital, said a report in the Gulf Daily News (GDN), our sister publication.

The bank reported a net profit of BD15.6 million for last year as against BD12.4 million in 2013.

Gross operating income amounted to BD46.1 million against BD26.1 million in 2013.

Earnings per share for the year amounted to eight fils slightly less than 2013 of 8.3 fils.

Total operating expenses of the group increased from BD11.4 million to BD26.4 million due to business combination with BMI Bank.

The shareholders were informed that the bank had achieved a growth of 15 per cent in total assets from $2.5 billion to $2.9 billion.

Customers' deposits also increased nine per cent from BD624.1 million in 2013 to BD680.7 million at the end of last year.

The bank recorded a growth of 107 per cent in its financing portfolio despite a challenging credit and market environment.

Al Salam Bank's net lending position was BD353 million at the end of last year in addition to which it holding a large portfolio of the Central Bank of Bahrain issued sukuk with the option to resell.

The shareholders also ratified the 11-member new board of directors which include: Shaikha Hessa bint Khalifa Al Khalifa, Hussein Mohammed Al Meeza, Khalid Al Halyan, Salman Al Mahmeed, Sulaiman Al Yahyai, Essam Abdulkadir Al Muhaidib, Mohammed Al Abbar, Mohammed Ghanem, Hisham Al Saie, Yousif Abdulla Taqi and Sheikh Khalid bin Mustahail Al Mashani. - TradeArabia News Service




Tags: Bahrain | Al Salam | pay | dividend | out |

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