Al Salam Bank Q1profit up 36.3%

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Al Salam announced net profits attributable to owners of parent of BD 14.0 million (US$ 37.1 m) in the first quarter of 2024 compared to BD 10.3 m (US$ 27.3 m) in the same quarter in 2023, reflecting a significant increase of 36.3%.

The increase is predominantly driven by growth in the core banking activities of the Group and the acquisition of a subsidiary in the second quarter of 2023.

Correspondingly, earnings per share increased by 32.4% to 4.9 fils (US$ 13.0 cents) in Q1 2024 compared to 3.7 fils (US$ 9.8 cents) for the same period in 2023.

Total comprehensive income attributable to owners of the parent for the quarter was BD 26.2 mn (US$ 69.5 m) – a 34.5% increase from BD 19.5 m (US$ 51.7 m) recorded in the first quarter of 2023.

Total income for the quarter was BD 68.7 m (US$ 182.2 m), reflecting a robust 46.0% increase from the BD 47.0 m (US$ 124.8 m) recorded in the first quarter of 2023.