Al Salam Bank has achieved a qualitative leap in its various operational, investment and financing activities during last year where its total assets reached almost BD398 million ($1.1 billion).

'The success in all the projects undertaken by the bank last year, which resulted in making a net profit of BD23.1 million, was due to the wise policy laid by the board of directors whose members are renowned for their financing, business and investment experience,' said chief executive Yousif Taqi.

He was speaking ahead of the bank's general assembly which will be held at the Diplomat Radisson SAS Hotel on Wednesday.

He pointed out that the implementation of the bank's strategic objectives was based on extensive studies and proper and transparent analysis by the professional management cadres who enjoyed a long experience and outstanding skills in innovation and development.

Taqi expressed satisfaction over the bank's performance, hinting that the earnings per share last year reached 19.3 fils compared to 15.1 fils in 2006.

The AGM will discuss the board of directors' recommendation to appropriate the net profit for last year, including the distribution of 10 per cent cash dividend of paid-up capital.

The shareholders are due to discuss and approve during the meeting on a number of issues amongst which the board's report on the bank's activities for the year ended December 31 last year, the Sharia Supervisory Board report and the auditor's report for the same period.-TradeArabia News Service