Al Salam Bank reports $21m net profits for Q1-2009

Notes and media contacts

About Al Salam Bank-Bahrain:
Incorporated on 19 January 2006 in the Kingdom of Bahrain with a paid-up capital of BD120m ($318m), Al Salam Bank-Bahrain (B.S.C.) commenced commercial operations on 17 April 2006. The Bank operates under Islamic principles in accordance with regulatory requirements for Islamic banks set by the Central Bank of Bahrain.

The Bank's Initial Public Offering, comprising 35% of the paid-up capital, raised over BD2.7bn ($7bn) and was the largest IPO in the Kingdom's history. Al Salam Bank-Bahrain was listed on the Bahrain Stock Exchange on 27 April 2006, and subsequently on the Dubai Financial Market on 26 March 2008.

The Bank's high-caliber management team comprises highly qualified and internationally experienced professionals with proven investment expertise in key areas of banking, finance and related fields. Management and staff are supported by a world-class Information Technology (IT) infrastructure and the latest 'smart' working environment.

Al Salam Bank-Bahrain is committed to adopting internationally recognized standards and best practices and operates with the highest levels of integrity, transparency and trust.

The Bank is equally committed to its role as a concerned corporate citizen, actively seeking ways to contribute and add value to the social and economic well-being of the local communities in which it invests and operates.

The Bank reported a net profit of BD7.9m ($21m) for the three-month period ended 31 March 2009 registering an increase of 6.5% over BD7.4m reported for similar period in 2008. The earnings per share for the period were 6.6 fils against 6.2 fils for the corresponding period in 2008.

The total assets as of 31 March 2009 grew by 8.4% to reach BD601m ($1,594m) from BD554m ($1,470m) at 31 December 2008.


For further information, please contact:
Adnan Alshaikh
Senior Manger
Corporate Communications
Tel: +973 17560166
Fax: +973 17560003