Al Salam Bank-Bahrain reports H1 net profit down seven per cent

11/08/2016 05:49 AST

Al Salam Bank-Bahrain reported H1 net profit of BHD 8.38 million, down 7.2 per cent from BHD 9.034 million a year earlier. Net profit for Q2 was BHD 3.879 million, down from BHD 5.12 million in Q2 2015.

Total operating income in H1 2016 was BHD 24.756 million, up by three per cent. However, profits were hit by an 81 per cent increase in provisions in H1 for financing and investments to BHD 3.714 million.

Losses on Murabaha, Wakala and term financing all rose; operating income was also hit by a fall in income from financing contracts.

Total assets were up 1.7 per cent to BHD 1.685 billion. H1 earnings per share were down to 4.1 fils from 4.2 fils a year earlier.

During H1, the bank increased its stake in BME Offshore Bank Seychelles from 50 per cent to 70 per cent and rebranded the operation Al Salam Bank-Seychelles (ASBS). The bank noted that the contribution of ASBS to net profit was insignificant – the transaction closed on 27 June.

Assets under conversion (non-Shari’ah compliant assets of ASBS and BMI Bank) totaled BHD 27.86 million at end-June, down from BHD 32.03 million at end-December 2015.


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