Latest news with #KhalidbinMustahailAlMashani
Daily Tribune
2 days ago
- Business
- Daily Tribune
Efficiency Push Powers Profits
TDT| Manama A sharp improvement in efficiency has helped Al Salam Bank deliver record profits for the first half of 2025, strengthening its position among Bahrain's fastest-growing lenders. The cost-to-income ratio fell from 49.9% to 45.3% in just one year, underscoring the bank's drive to get more value out of every dinar spent. Efficiency push pays off Net profits attributable to shareholders climbed 30.9% to USD 98.2 million for the six months to June 30, up from USD 75 million a year earlier. Return on equity rose to 16.9% from 15.6%, while earnings per share increased 29.0% to USD 31.8 cents. The bank credited its core banking growth and a series of optimisation initiatives for the results. The efficiency gains came alongside balance sheet growth. Total assets rose 10.8% to USD 20.76 billion, with financing assets up 8.3% to USD 10.52 billion and customer deposits growing 7.1% to USD 14.07 billion since the end of 2024. Capital strength supports growth Shareholders' equity expanded by 11.7% to USD 1.07 billion, bolstered by the record profit and a USD 450 million Additional Tier 1 capital issuance. This pushed the capital adequacy ratio to 25.2% as of June 30, compared with 24.8% last year. H.E. Shaikh Khalid bin Mustahail Al Mashani, Chairman of Al Salam Bank, said the ability to sustain growth despite volatile global markets was a defining strength, pointing to the role of strong fundamentals and disciplined risk management. Forward-looking strategy Group CEO Rafik Nayed said the efficiency drive was part of a broader plan to invest in digital innovation, expand regional capabilities through ASB Capital, and strengthen client relationships. He added that the bank would continue to focus on both banking and asset management for long-term, diversified growth. The bank's full, reviewed financial statements are available on the Bahrain Bourse and Dubai Financial Market websites.
Biz Bahrain
14-05-2025
- Business
- Biz Bahrain
Al Salam Bank Net Profit increases by 32.7% in Q1 2025
Al Salam Bank (Bahrain Bourse trading code 'SALAM', Dubai Financial Market trading code 'SALAM_BAH') today announced record net profit attributable to shareholders of US$ 49.3 million for the first quarter of 2025 (Q1 2025), marking a 32.7% increase from US$ 37.2 million reported in Q1 2024. The growth in profitability was primarily driven by the strong performance of the Group's core banking operations, subsidiaries, and associates. Earnings per share (EPS) increased to US cents 16.2 for Q1 2025, compared to US cents 13.0 for the same period last year. Correspondingly, the Bank's Return on Equity (ROE) has increased to a record 17.2% in Q1 2025, up from 15.9% in Q1 2024, underscoring enhanced sustainable profitability and prudent capital management. The Bank's gross income for Q1 2025 increased by 36.0% to US$ 280.2 million, compared to US$ 206.0 million in Q1 2024. The Group's consolidated cost to income ratio improved significantly, decreasing to 46.5% in Q1 2025 from 47.8% in Q1 2024, supported by an efficient operating model, group-wide optimization initiatives, and scalable growth. Moreover, total comprehensive income attributable to the owners of the Bank for Q1 2025 increased to US$ 71.7 million, up from US$ 69.5 million in Q1 2024. The Bank's balance sheet continued its growth trajectory, reaching a new record with total assets increasing by 4.5% to US$ 19.58 billion in Q1 2025, compared to US$ 18.73 billion in 2024. Financing assets increased by 4.9% to US$ 10.19 billion, while customer deposits increased to US$ 13.77 billion, up 4.8% from US$ 13.14 billion at the end of 2024. Total equity attributable to the Bank's shareholders increased by 8.3% to US$ 1.04 billion in Q1 2025 from US$ 956.2 million in 2024. Accordingly, the Bank's capital adequacy ratio was maintained at 24.8%, reflecting a strong capital position conducive for sustainable growth. Commenting on the results, His Excellency Shaikh Khalid bin Mustahail Al Mashani, Chairman of Al Salam Bank, said: 'We are proud to deliver a strong first-quarter performance in 2025, underscored by robust earnings growth, enhanced capitalization, and continued balance sheet expansion. Despite the unpredictable nature of the global geopolitical and economic landscape that has characterised the start of 2025, the GCC remains resilient and well positioned for long-term growth.' Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, added: 'This record performance reflects the Bank's ability to consistently execute growth initiatives and actively respond to evolving market conditions. This year, our focus will be on accelerating our Group-wide digital initiatives, enhancing customer experience and product offering, expanding our regional footprint through our asset management arm, ASB Capital, and further optimizing our operating model. These efforts continue to strengthen our position as a dynamic, diversified, and forward-looking financial group'. With a clear focus on innovation, financial resilience, and sustainable growth, Al Salam Bank continues to build on its strong foundation, positioning itself as a leading regional financial group with integrated offerings across banking, asset management, and takaful.
Zawya
10-02-2025
- Business
- Zawya
Bahrain's Al Salam Bank net profit grows 40% to record $156.5mln
Bahrain-based Al Salam Bank has achieved record profitability with net profit attributable to shareholders increasing by 39.8% to $156.5 million for the fiscal year ended December 31, 2024, up from $112 million in 2023. The substantial growth in profitability was predominantly driven by the strong performance of the group's core banking operations, subsidiaries, and associates as well as the successful acquisition of Kuwait Finance House – Bahrain (KFH-Bahrain), the group's fifth banking M&A transaction. Maintaining its position as the largest Islamic bank in Bahrain, the group's balance sheet expanded significantly with total assets growing by 37.2% to $18.73 billion in 2024, from $13.65 billion in 2023, driven by the successful implementation of key growth initiatives in banking. The group's financing portfolio increased by 36.8% to $9.71 billion while customer deposits increased by 41.7% to $13.12 billion. While total equity attributable to shareholders expanded by 6.8%, return on average equity increased significantly to 15.7% in 2024, up from 13.2% in 2023. The group set a new benchmark in the M&A space, having completed the fastest and most seamless banking transition in the region following the acquisition of KFH-Bahrain from Kuwait Finance House Group in H1 2024. Completed in record time, the integration ensured uninterrupted services for clients while creating new avenues for growth and innovation. During the year, the group also launched ASB Capital, its asset management arm headquartered in the Dubai International Financial Centre (DIFC), with a starting AUM of $4.5 billion in assets under management (AUM). In light of the strong financial performance, the Board of Directors recommended a dividend distribution of 14% of issued and paid-up share capital (6% cash dividends and 8% stock dividends), aggregating $99.6 million and reflecting an increase of 20% from 2023. This recommendation is subject to AGM and regulatory approvals. Shaikh Khalid bin Mustahail Al Mashani, Chairman of Al Salam Bank, commented: 'Our exceptional performance in 2024 demonstrates the effectiveness of our long-term strategy and the hard work, dedication, and collective efforts of our team. Our focus for the coming period will be on exploring new opportunities, especially in banking, takaful, and asset management, to solidify our position as a leading and diversified regional financial group. Our commitment to create long-term, sustainable value for our shareholders and our wider stakeholder base remains at the core of our strategy as we navigate an increasingly dynamic and competitive industry.' Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, added: 'We are proud of our achievements in 2024 having completed several key strategic initiatives which have cemented our position as a leading diversified financial group. Over the course of the year, we successfully completed the acquisition and seamless integration of Kuwait Finance House - Bahrain in record time, launched the Group's asset management arm (ASB Capital), strengthened capitalization, expanded our balance sheet, and significantly increased profitability to record levels. Looking ahead, our strategic plan includes initiatives to drive efficiencies through AI and digital adoption, significant market share acquisition across Group companies, and the launch of new verticals to further diversify, optimize, and increase profitability.' – TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
09-02-2025
- Business
- Trade Arabia
Al Salam Bank net profit grows 40% to record $156.5m
Bahrain-based Al Salam Bank has achieved record profitability with net profit attributable to shareholders increasing by 39.8% to $156.5 million for the fiscal year ended December 31, 2024, up from $112 million in 2023. The substantial growth in profitability was predominantly driven by the strong performance of the group's core banking operations, subsidiaries, and associates as well as the successful acquisition of Kuwait Finance House – Bahrain (KFH-Bahrain), the group's fifth banking M&A transaction. Maintaining its position as the largest Islamic bank in Bahrain, the group's balance sheet expanded significantly with total assets growing by 37.2% to $18.73 billion in 2024, from $13.65 billion in 2023, driven by the successful implementation of key growth initiatives in banking. The group's financing portfolio increased by 36.8% to $9.71 billion while customer deposits increased by 41.7% to $13.12 billion. While total equity attributable to shareholders expanded by 6.8%, return on average equity increased significantly to 15.7% in 2024, up from 13.2% in 2023. The group set a new benchmark in the M&A space, having completed the fastest and most seamless banking transition in the region following the acquisition of KFH-Bahrain from Kuwait Finance House Group in H1 2024. Completed in record time, the integration ensured uninterrupted services for clients while creating new avenues for growth and innovation. During the year, the group also launched ASB Capital, its asset management arm headquartered in the Dubai International Financial Centre (DIFC), with a starting AUM of $4.5 billion in assets under management (AUM). In light of the strong financial performance, the Board of Directors recommended a dividend distribution of 14% of issued and paid-up share capital (6% cash dividends and 8% stock dividends), aggregating $99.6 million and reflecting an increase of 20% from 2023. This recommendation is subject to AGM and regulatory approvals. Shaikh Khalid bin Mustahail Al Mashani, Chairman of Al Salam Bank, commented: 'Our exceptional performance in 2024 demonstrates the effectiveness of our long-term strategy and the hard work, dedication, and collective efforts of our team. Our focus for the coming period will be on exploring new opportunities, especially in banking, takaful, and asset management, to solidify our position as a leading and diversified regional financial group. Our commitment to create long-term, sustainable value for our shareholders and our wider stakeholder base remains at the core of our strategy as we navigate an increasingly dynamic and competitive industry.' Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, added: 'We are proud of our achievements in 2024 having completed several key strategic initiatives which have cemented our position as a leading diversified financial group. Over the course of the year, we successfully completed the acquisition and seamless integration of Kuwait Finance House - Bahrain in record time, launched the Group's asset management arm (ASB Capital), strengthened capitalization, expanded our balance sheet, and significantly increased profitability to record levels. Looking ahead, our strategic plan includes initiatives to drive efficiencies through AI and digital adoption, significant market share acquisition across Group companies, and the launch of new verticals to further diversify, optimize, and increase profitability.' –
Yahoo
07-02-2025
- Business
- Yahoo
Al Salam Bank Net Profit Grows by 40% to Record Levels
MANAMA, Bahrain, February 07, 2025--(BUSINESS WIRE)--Al Salam Bank (Bahrain Bourse trading code "SALAM", Dubai Financial Market trading code "SALAM_BAH") achieved record profitability with net profit attributable to shareholders increasing by 39.8% to US$ 156.5 million for the fiscal year ended 31 December 2024, up from US$ 112.0 million in 2023. The substantial growth in profitability was predominantly driven by the strong performance of the Group's core banking operations, subsidiaries, and associates as well as the successful acquisition of Kuwait Finance House – Bahrain ("KFH-Bahrain"), the Group's fifth banking M&A transaction. Maintaining its position as the largest Islamic bank in Bahrain, the Group's balance sheet expanded significantly with total assets growing by 37.2% to US$ 18.73 billion in 2024, from US$ 13.65 billion in 2023, driven by the successful implementation of key growth initiatives in banking. The Group's financing portfolio increased by 36.8% to US$ 9.71 billion while customer deposits increased by 41.7% to US$ 13.12 billion. While total equity attributable to shareholders expanded by 6.8%, return on average equity increased significantly to 15.7% in 2024, up from 13.2% in 2023. The Group set a new benchmark in the M&A space, having completed the fastest and most seamless banking transition in the region following the acquisition of KFH-Bahrain from Kuwait Finance House Group in H1 2024. Completed in record time, the integration ensured uninterrupted services for clients while creating new avenues for growth and innovation. During the year, the Group also launched ASB Capital, its asset management arm headquartered in the Dubai International Financial Centre (DIFC), with a starting AUM of US$ 4.5 billion in assets under management (AUM). In light of the strong financial performance, the Board of Directors recommended a dividend distribution of 14% of issued and paid-up share capital (6% cash dividends and 8% stock dividends), aggregating US$ 99.6 million and reflecting an increase of 20% from 2023. This recommendation is subject to AGM and regulatory approvals. His Excellency Shaikh Khalid bin Mustahail Al Mashani, Chairman of Al Salam Bank, commented: "Our exceptional performance in 2024 demonstrates the effectiveness of our long-term strategy and the hard work, dedication, and collective efforts of our team. Our focus for the coming period will be on exploring new opportunities, especially in banking, takaful, and asset management, to solidify our position as a leading and diversified regional financial group. Our commitment to create long-term, sustainable value for our shareholders and our wider stakeholder base remains at the core of our strategy as we navigate an increasingly dynamic and competitive industry." Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, added: "We are proud of our achievements in 2024 having completed several key strategic initiatives which have cemented our position as a leading diversified financial group. Over the course of the year, we successfully completed the acquisition and seamless integration of Kuwait Finance House - Bahrain in record time, launched the Group's asset management arm (ASB Capital), strengthened capitalization, expanded our balance sheet, and significantly increased profitability to record levels. Looking ahead, our strategic plan includes initiatives to drive efficiencies through AI and digital adoption, significant market share acquisition across Group companies, and the launch of new verticals to further diversify, optimize, and increase profitability." The full set of consolidated financial statements, which were audited by external auditor KPMG, with unmodified opinion, are available on the websites of Dubai Financial Market and Bahrain Bourse. LinkedIn *Source: AETOSWire View source version on Contacts Yusuf JanahiCorporate Communications and Media Manager – Al Salam
