Bahrain-Based Al Salam Bank Posts Net Profit Growth of 472% YoY in 3Q 2021

Bahrain-based Al Salam Bank has recorded net profit attributable to shareholders of BHD 5.6 million (USD 14.8 million) in the third quarter of 2021 (3Q 2021) compared with BHD 1.0 million (USD 2.6 million) in the third quarter of 2020 (3Q 2020), a growth of 472% year-over-year (YoY).

Why it Matters?

Higher returns from the bank's fixed income portfolio as well as lower provision costs drove the increase in net profit compared to the previous period.

Details

Earnings per share came in at 2.4 fils (USD cents 6.4) for 3Q 2021 compared to 0.4 fils (USD cents 1.1) for the same period in 2020, a growth of 500%. Total operating income for 3Q 2021 was BHD 27.6 million (USD 73.2 million), a 15% YoY increase from BHD 24.1 mi...