GulfBase Live Support
Al Salam Bank -Sudan has released new figures showing substantial Q3 gains as well as positive growth in investors shares.
The bank achieved a profit of $21.5m during Q3 2009 including investors shares; an increase about 9% compared to the $19.7m generated during the same period last year.
In addition, the bank announced an increase in earnings per share from 9 cents to 12.4 cents during Q3. Al Salam Bank - Sudan also allocated $3.3m for funding during Q3, bringing the total to $4.95m for the first 9 months of 2009. The net profit of property rights also increased by 38% since Q3 2008, from $9m to $12.4m.
On the downside, the value of assets at the end of Q3 2009 ($436m) was about 5% less than the value of assets in Q4 of 2008 (roughly $458m). Al Salam Bank says that the decline came as a result a rising dollar-value against the Sudanese pound.
Mr. Osman Mokhtar, General Manager of Al Salam Bank - Sudan, expressed his happiness over the positive earnrings.
"These results indicate the banks strong position in the financial markets. We expect the bank to achieve greater success in Q4 and anticipate excellent financial results at the end of this year."
Al Salam Bank- Sudan is one of the largest banks in terms of capital market on the Khartoum Stock Exchange. Through its innovative and unique banking services, it has become one of the most important banks operating in the Sudanese market. The Bank was established as a result of cooperation between the UAE, GCC and Sudanese governments. It launched its operations on May 25, 2005 with $100m capital.
Property developer Nakheel on Sunday announced the completion of a new Dh60 million retail Pavilion at Badrah in Jebel Ali. The new retail complex, operated by Nakheel Malls, will offer more than 800
Dubai Islamic Bank (DIB) has partnered with Emirates Skywards to launch new credit eards tailored specifically to offer exceptional value to the country’s growing community of frequent flyers.
United Development Company, a leading Qatari shareholding company and master developer of The Pearl-Qatar, has marked another milestone in the development of Al Mutahidah Towers with the construction
Kuwait’s consumer spending index increased 8.5 per cent year-on-year (y/y) in June, supported by a pickup in the consumption of durables and non-durables, said the National Bank of Kuwait (NBK) in it
Saudi Electricity Company (SEC) and GE, in a statement, have stressed on the importance of their long-standing partnership for both the companies.
For almost 40 years, SEC and GE have par