Al Salam Bank (Bahrain Bourse Trading Code “SALAM”, Dubai Financial Market Trading Code “SALAM_BAH”) announced today net profits attributable to shareholders of BD 10.28 million (USD 27.26 million) in the second quarter of 2023 compared to BD 7 million (USD 18.58 million) in the same quarter in 2022, reflecting a robust increase of 47%. The significant increase in profitability was predominantly driven by the growth in core banking activities and additional earnings derived from key strategic initiatives including uplifts from the assets acquired from Ithmaar
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Al Salam Bank has successfully concluded its ‘Inspired to Grow’ initiative, which involved planting 7,000 trees across Bahrain and distributing plants to more than 13,000 people in the Kingdom.
Al Salam Bank has launched its newest ATM service enabling clients to use their identification cards to complete their banking transactions. Through the new service, clients can view their account balance and withdraw twice a day up to BD 1,000 without the use of their ATM card.
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Al Salam Bank announces its sponsorship of an auditorium at the newly developed INJAZ Bahrain Academy headquarters. The Bank has granted BD 25,000 for the 50 square meter space, which will accommodate up to 30 people. This initiative comes as part of Al Salam Bank’s social responsibility platform, “Helping Hands”, established to aid homegrown institutions in support of social causes.
Acquisition of Algeria’s fastest growing bank with total assets of USD 2.2 billion reinforces Al Salam Bank’s position as one of MENA’s leading Islamic financial institutions
l Salam Bank announced the launch of its Buy Now, Pay Later service for its debit cardholders, following its success in facilitating installment payments for its credit cardholders in November last year. The fully automated, instant, and seamless service allows clients to settle their payments in installments within a specific time frame defined by the digital application through the analysis of the client’s financial obligations using artificial intelligence.
Al Salam Bank has announced the launch of its latest summer campaign taking place from 18 June to 31 August 2023, in which the top spending clients will get the opportunity to win cashback up to 300% (capped to BD 3,000)on all purchases made using their Visa credit and multi-currency prepaid cards. All Visa credit and prepaid cardholders will also be eligible to enter the draw for a grand prize of BD 10,000 for one winner. Local transactions qualify for one entry into the draw, whereas two entries are given for international and online transactions.
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Al Salam Bank Receives J.P. Morgan Elite Quality Recognition Award for the Third Consecutive Year
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Al Salam Bank has been awarded the prestigious J.P Morgan Elite Quality Recognition Award for the third consecutive year. This recognition reflects the Bank’s outstanding performance in optimizing the efficiency of payments made in US dollars.
Al Salam Bank (Bahrain Bourse Trading Code “SALAM”, Dubai Financial Market Trading Code “SALAM_BAH”) announced today net profits attributable to shareholders of BD 10.27 million (US$ 27.25 million) for the first quarter of 2023, compared to BD 6.51 million (US$ 17.27 million) for the same period in 2022, reflecting an increase of 58%.
Al Salam Bank has been named Bank of the Year – Bahrain at The Banker Awards 2022, recognizing the Bank’s commitment to service excellence, its diverse portfolio of tailored innovative banking products, and its significant contributions to the financial industry and national economy.