Salam Bank - Sudan posts Dhs36m net profit in H1 of 2008

'In spite of being a newly established bank on the Sudanese banking market, the bank has been able to make a giant leap in all areas of the finance sector during the first half of the current year,'

Hussein Mohammed Al-Meeza, Vice Chairman of Salam Bank - Sudan, said in a comment about the achievement.

He pointed out that the bank's total assets jumped to $467m (about Dhs1.682bn), representing an increase of $68m (Dhs245m), up by 17.1% compared to its assets in December 2007. He said the profit of the finance portfolio also appreciated to $140.5m (about Dhs506m), representing an increase of $60.90m (Dhs252m), up by 76.5% against what was recorded in December 2007.

Al-Meeza noted that client's deposit also surged to $311.5m (about Dhs1.121bn), representing an increase of about $77.2m (Dhs278m), up by 32.9%. He said copy rights profit also rose to $145.6m (about Dhs424m), up by 45.6% since it was set up on May 24, 2005.

He said:

'We are very happy with our achievements so far. The board of Salam Bank - Sudan remains committed to diversifying and expanding the scope of the bank's investments by venturing into economic areas that are witnessing rapid growth. This is to minimize risk to the barest level, while, at the same time, achieving the best investment results with high yields for our shareholders and clients.'

He added, 'The enlisting of Salam Bank - Sudan on the Dubai Financial Market on June 5, 2008 has played a major role in achieving this great results in view of the flexibility in our transactions which enable investors and traders to access and trade in our shares easily, making good use of the huge liquidity available on the markets of the UAE and neighboring Gulf countries.'

It's worth noting here that Salam Bank - Sudan is one of the banks with highest capital on the Khartoum Stock Market. It is also one of the biggest banks on the Sudanese banking market. The bank, which boasts of modern and innovative products, was a product of cooperation between the UAE, other Gulf States and Sudan. It started operation on May 25, 2005 with a capital of about $100m.