Al Salam Bank-Bahrain records 2007 annual net profit of BD23.1m

Gross revenue for full-year 2007 is BD33.9m ($90.4m). Earnings Per Share in 2007 was fils 19.3 compared to fils 15.1 in 2006. Total assets grew 112% to BD397.8m ($1.06b) as of 31 December 2007, compared to BD188m ($501m) in 2006.

Al Salam Bank - Bahrain achieved two consecutive years of profitability since its inception in 2006, and despite the challenges that a bank undergoes during the establishment phase.

The results were announced following a meeting for the Board of Directors held at the Bank's headquarters chaired by Vice Chairman Mr. Hussein Al-Meeza. The meeting decided to hold the Annual General Meeting on February 20 to discuss, among others, the Board's recommendation for distributing 10% cash dividend of paid-up capital (fils 10 per share). The AGM will be held at 12.30 pm at the Diplomat Radisson SAS Hotel.

Marking the release of the Bank's annual results, Mr. Al-Meeza said Al Salam Bank-Bahrain has crowned its growth over last year through a series of innovative financial solutions and concerted team effort.

Meanwhile, the Chairman of the Board of Directors Mr. Mohammed Al-Abbar said:

"Al Salam Bank-Bahrain has proved its potential to surmount challenges through efficiency and competence, and over the last two years introduced several innovative and Shari'ah-compliant financial products. The bank's growth was also powered through profitable investment transactions, which has elevated our position regionally as a leader in providing Islamic financial services. The profitable growth reiterates our commitment to enhancing shareholder value."

He added: "We are thankful to the Bahraini Government, the Central Bank of Bahrain, the Ministry of Industry & Commerce and the Bahrain Stock Exchange for creating a robust economic environment that supports the growth of the banking sector. Bahrain's standing as a financial hub is further highlighted by the success of Al Salam Bank- Bahrain, a new entrant to the sector. The growth gives us further impetus to implement ambitious strategies for the coming years."

At the AGM, shareholders are expected to discuss and approve the Board's report on the bank's activities for the year ended 31 December 2007 and to receive the Shari'a Supervisory Board and the auditor's reports for the same period.