Al Salam Bank - Bahrain reports half-yearly net profit of BD14 million

This strong performance is arising as a result of diversification of the income stream covering commercial banking, investments and treasury operations. The Bank reported gross income of BD19 million (USD 50.4 million) for the period ended 30 June 2007. The net income for the quarter of BD8.9 million reflects a strong performance of the Bank for the fifth consecutive quarter in a row.

Mr Mohamed Ali Alabbar, the Bank's Board Chairman, said:

"The Bank's impressive performance since it launched its operations in April 2006 is a manifestation of our strategy to diversify products and services to meet the demands of the financial sector in Bahrain and source profitable deals for our shareholders. The results show a substantial rise in all the financial indicators of the Bank and reflect sustainable growth and success that the Bank has achieved over the past year."

"Al Salam Bank Bahrain plans to consolidate its position in the Islamic banking and finance sector by continuing to lead manage and arrange transactions in various economic and business sectors," he added.

Mr. Alabbar stated that the Bank has already introduced retail banking services following the official launch on May 16th 2007 which was inaugurated by HH the Prime Minister Shaikh Khalifa Bin Salman Al Khalifa. The second quarter of 2007 witnessed expansion in the Bank's finance and investment portfolios. During the quarter the Bank launched, the offering of an equity stake in a Boeing 777-200ER aircraft on lease to Malaysian Airlines Systems (MAS).

Al Salam Bank Bahrain will continue to expand its services and endeavour to reach beyond what has been achieved so far in a market known for its strength and confidence and in a country known to be the financial capital of the Middle East.