Press releases, Reports & Disclosures for Al Salam Bank B.S.C

Al Salam Bank has partnered with Solidarity Bahrain to launch 'Al Salam Takaful', a comprehensive Shari'a-compliant insurance package for individuals and SMEs. The package includes fire, auto, travel, personal accident, and group medical health insurance for individuals, and office, performance bond, marine, and group medical insurance for SMEs. The launch is part of Al Salam Bank's efforts to become a one-stop-shop for all banking and Takaful products. The product was officially launched on 12 November 2023. Clients can apply for the insurance policy through the bank's Self-Service Kiosks, call center, or any branch.

Al Salam Bank is offering exclusive promotions to its Visa debit, credit, and prepaid cardholders at Jewellery Arabia 2023, the Middle East's largest jewelry and watch exhibition. The top 60 card spenders who spend BD 300 or more will receive up to 200% cashback on purchases, capped at BD4000. The bank is also offering a "Buy Now Pay Later" service with an installment plan ranging from 3 to 24 months. Additionally, Al Salam Bank is increasing the limit for all Visa credit cardholders by 10%, and clients will receive triple reward points on their purchases. There will also be a 10% discount for the top 100 women spenders. The bank is encouraging new clients from Ithmaar Bank to issue a Visa card with Al Salam Bank to enjoy these benefits.

Al Salam Bank reported a 54% increase in net profits for Q3 2023, reaching BD 10.45 million (US$ 27.72 million), up from BD 6.77 million (US$ 17.95 million) in Q3 2022. The bank attributed this growth to its core banking activities and strategic initiatives, including the acquisition of a majority stake in Al Salam Bank Algeria. Earnings per share also increased to 4.2 fils (US$ 11.1 cents) in Q3 2023 from 2.9 fils (US$ 7.7 cents) in Q3 2022. For the nine-month period ending 30 September 2023, the bank reported net profits of BD 31 million (US$ 82.24 million), a 53% increase from the same period in 2022. Total operating income for the nine months also doubled, reaching BD 202.49 million (US$ 537.11 million). The bank's total assets increased by 27% to BD 4.97 billion (US$ 13.18 billion), while financing assets grew by 30%. The bank maintained a strong capital adequacy ratio of 19.9% as of 30 September 2023.

Al Salam Bank B.S.C. reported various financial figures in BHD'000. These include placements with financial institutions at 288,790, Murabaha financing at 712,481, Mudaraba financing at 620,831, finance lease assets at 865,383, Musharaka financing at 30,206, Salam financing at 295,575, Istisna financing at 48,513, and credit cards at 13,507. The bank also reported loans and advances to customers at 55, non-trading investments at 163, placements from financial institutions at 144,412, customers' current accounts at 1,037,539, Murabaha term financing at 469,278, and equity of investment accountholders at 2,724,349. The bank noted that these figures represent non-Shari'a compliant assets resulting from the acquisition of BMI Bank, AlSalam Seychelles (ASBS), and Bahraini Saudi Bank B.S.C. ("BSB"). All non-sharia income is transferred to a charity pool and disbursed as charity and donation contributions, so it is not recognised in the income statement.

Al Salam Bank B.S.C., licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain, has announced that they have signed a non-binding letter of intent with the Kuwait Finance House K.S.C.P. (KFH Group). This letter indicates their intention to begin preliminary discussions, negotiations, and due diligence for the potential acquisition of the entire shareholding of KFH Group in KFH Bahrain. This acquisition would be in collaboration with another investor. The announcement was made to the Bahrain Bourse and Dubai Financial Market on November 12, 2023.

The Board of Directors (BOD) meeting, in which the decision to purchase was made, doesn't have a specified date. The competent authority approved the purchase on 15th August 2023. The buyback program for treasury shares commenced on the same day and ended on 12th November 2023. The size of the buyback program was 10%. The actual purchase took place on 12th November 2023, with 4,013 shares purchased at an average price of 0.189 fils. This represents 1.687% of the issued capital. Approximately 217,550,000 shares remain available for purchase. The company's chairman or his delegate is Ali Yusuf Al Khaja. The company involved in this transaction is Al Salam Bank B.S.C. This information is part of the post share buyback announcement.