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Al Salam Bank posts $14.5m profit
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Mar 27, 2011 - 7:41:20 AM

Al Salam Bank posts $14.5m profit

27 March 2011
KHARTOUM: Al Salam Bank-Sudan approved the distribution of 10 percent cash dividend for shareholders from the paid bank's capital at its Annual General Meeting (AGM) in Khartoum.


The report of the board and results for the fiscal year ended Dec. 31, 2010 was also discussed at the AGM.


The AGM also approved the Fatwa and Shariah Supervisory Board's report on the bank's activities.


Al Salam Bank has recorded a net profit of SDG36.2 million (about $14.45 million) by the end of fiscal year 2010, after deducting the tax fees and zakat, compared to SDG22.6 million (about $9 million) by the end of fiscal year 2009, achieving a record growth of 60 percent.


The bank was able to achieve excellent financial results at the end of 2010 despite global and local economy challenges and has maintained a competitive level, in addition to occupying a rank on the list of top ten banks in Sudan according to key financial indicators.


Its assets grew by 23 percent reaching SDG1.337 billion (about $505 million) by the end of 2010, compared to SDG1.86 billion by the end of 2009.


The bank has also succeeded in raising the value of customer deposits to SDG924 million recording a growth of 25 percent, compared to SDG741 million by the end of 2009.


The financing portfolio of the bank rose by 22 percent, reaching SDG1.8 billion by end of 2010, compared to SDG882 million. Seventy percent of the bank's financing portfolio was allocated to support key sectors, such as industrial, agriculture, export and finance sectors, committed to guidance and regulations of the Central Bank of Sudan.


The bank's revenues have reached SDG97 million by the end of 2010, compared to SDG92 million by the end of 2009 recording a growth rate of 5 percent.


Al Salam Bank Chairman Mohammed bin Omair bin Yousef said: "Al Salam Bank has maintained a balanced performance, which contributed in strengthening its capacity and the development of its financial results significantly, in addition to overcoming the challenges imposed by the global financial crisis on the banks' performances globally and achieving significant growth in terms of profitability and to attracting more deposits."


The AGM elected the board members for the coming period, with Mohammed Omair bin Yousef as chairman, Hussein Mohammed Salem Al Meeza as deputy vice-chairman

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