The General Assembly of Al Salam Bank Sudan agrees on the distribution of cash dividends to shareholders

In his speech at the regular fifth meeting of the Bank's General Assembly, which was held in Khartoum today, he said, "The Sudanese economy is affected by the global economic developments, especially in light of the continuing decline of oil prices, and we expect that these facts will be dealt with on realistic and practical basis."

"We are here to assure everyone that as a result of the very special way in which the Sudanese economy is connected to the global economic developments, Al Salam Bank Sudan has not directly affected at the level of domestic financial assets, and therefore did not have to take any special treatments or procedures in this regard," he added.

HE Mohamed Ali Al Abbar added that thanks to God Almighty and thanks to the sincere efforts of all employees in Al Salam Bank Sudan, the last year, 2008, was another year of excellence and distinguish performance.

The Bank has maintained its competitive status with the in which its assets have grown at rate of 23% to reached about a billion of pounds by the end of 2008, compared to 818 million pounds by the end of year 2007.

HE, Chairman of the Board of Al Salam Bank Sudan, explained that the Bank has succeeded in the field of resources by attracting investment and savings deposits amounted to about 582 million pounds by the end of 2008, compared to 426 million pounds by the end of 2007, at a growth rate of 36%, representing about 80% of the Bank total deposits.

This enabled the Bank to work with stable resources and support the liquidity position. He noted that the current deposits jumped to 48%; from 54 million pounds by the end of 2007 to about 80 million pounds by the end of 2008.

Furthermore, HE Mohamed Ali Al Abbar stressed that the volume of the granted financing has increased from 163 million pounds by the end of 2007 to about 325 million pounds by the end of 2008 with a record growth reached 99%.

In the same area, the volume of the Bank investment has increased from 486 million pounds by the end of 2007 to about 509 million pounds by the end of 2008. Also, the total revenue of the Financial Operations has reached about 35 million pounds by the end of 2008, compared to 23 million pounds by the end of 2007 at a growth rate of 52%.

He said that as a result of these efforts and good performance, Al Salam Bank Sudan has achieved an income from the banking services amounted to about 24 million pounds against 9.7 million pounds by the end of 2007 at a growth rate reached a record of 147%.

The investment income has amounted to 36 million pounds by the end of 2008, compared with 23 million pounds by the end of 2007 ate a growth rate of 56%. Therefore, the Bank has achieved total revenue of nearly 81 million pounds at the end of 2008, compared to 63 million pounds by the end of 2007 and by an increase of 31%.

He added that public expenditure in Al Salam Bank Sudan rose by 79%, from 15.3 million pounds by the end of 2007 to 27.7 million pounds by the end of 2008 a result of the expansion in the structures of the Bank after the transition to the headquarters. As a result of all this, the Bank has achieved an operating profit during the year of 2008 amounted to 27 million pounds with a net profit of 21 million.

The Bank also has kept the same rates on the distribution of profits to the holders of the absolute investment accounts. The cost of deposits has increased from 15 million to 29 million pounds, with 14 million pounds and at a rate of 93% as a result of the confidence of depositors and the increase of deposits.

HE Mohamed Ali Al Abbar add that Al Salam Bank Sudan is trying to achieve the geographical spread by opening new branches. During the month of November, the branch of Al Salam Rotana Hotel has joined other branches, with a view to expanding the customer base and services. "Our efforts will continue to improve the efficiency of capital, attract more resources and to maximize profits. We also will focus on the new products and services within the framework of an integrated marketing plan, where the Bank Management has paid great attention to the banking technology, internal and external training."

The General Assembly of Al Salam Bank Sudan has approved the proposal of the Board of the Bank to distribute cash dividends to shareholders at a rate of 10% of the paid-up capital.

The Report of Auditors, and the Report of the Fatwa and Shari'a Supervision have been all reviewed during the meeting of the General Assembly, as well as discussion and adoption of the balance sheet, profit and loss account for the financial year ended December 31, 2008

Finally, the Bank's Board of Directors and auditors were also discharged for their actions over the past year. The auditors for the current fiscal year 2009 were appointed and to the Board of Directors were authorized to determine their fees.