MANAMA: The shareholders of Bahrain-based Al Salam Bank Bahrain have approved the distribution of BD10.7million dividends or equal to 5% of the paid-up capital as proposed by the board of directors for year 2014.
The decision to this effect was taken at the annual general assembly of the bank held at the Moevenpick Hotel on Tuesday and attended by the 65% of the total shareholding of the bank.
Hussein bin Mohammed Al Meeza, Director and Chairman of the Executive Committee in Al Salam Bank Bahrain led the ordinary general meeting by welcoming HH the Chairperson of the board Shaikha Hessa bint Khalifa Al Khalifa and shareholders.
The Bank reported a net profit of BD15.6 million as compared to net profit of BD12.4 million in 2013. The gross operating income amounted to BD46.1 million against BD 26.1million in 2013. The earnings per share (EPS) for the year amounted to 8 fils slightly less than 2013 of 8.3 fils. The total operating expenses of the Group increased from BD11.4million to BD26.4million due to business combination with BMI Bank.
The shareholders were informed that the bank had achieved a substantial growth of 15% in total assets from $2.5billion to $2.9billion. The customers’ deposits were also increased nine per cent from BD624.1 million in 2013 to BD680.7 million at end of 2014.
The bank recorded a growth of 107% in its financing portfolio compared in 2014 despite challenging credit and market environment. The growth in financing portfolio underscores Bank’s commitment to continually enhancing its retail and corporate activities. The bank in a statement affirmed its support to the private sector in Bahrain and works in tandem with Tamkeen to provide Shara’ah compliant facilities to the private sector.
The Bank continued to expand its financial institution network with a net lending position of BD353million at end of the year 2014 in addition to holding a large portfolio of the Central bank of Bahrain issued sukuk which are eligible for resale.
The Bank remains a comfortable liquidity with a healthy ratio of 25% and this was net of due to bank and inter-bank deposits and excludes Sukuk issued by the CBB.
The shareholders also ratified the 11-member new board of directors which include: Shaikha Hessa Bint Khalifa Al Khalifa, Hussein Mohammed al Meeza, Khalid Al Halyan, Salman Al Mahmeed, Sulaiman Al Yahyai, Essam Abdulkadir Al Muhaidib, Mohammed Al Abbar, Mohammed Ghanem, Hisham Al Saie, Yousif Abdulla Taqi and Sheikh Khalid bin Mustahail Al Mashani.