Al Salam Bank has reported net profit attributable to shareholders of BD18.6 million ($49.3m) for the first quarter ended March 31, 2025, reflecting an increase of 32.7pc from BD14m ($37.2m) in Q1 2024.
The increase in profitability was predominantly driven by the strong performance of the group’s core banking operations, subsidiaries, and associates.
Correspondingly, earnings per share increased to 6.1 fils (16.2 cents), up from 4.9 fils (13 cents) for the same period last year.
Total comprehensive income attributable to the owners of the bank for Q1 2025 stood at BD27m, compared to BD26.2m in Q1 2024, reflecting a 3.1pc increase.
Furthermore, the bank’s gross income for Q1 2025 increased by 36pc to BD105.6m compared to BD77.7m in the same period of 2024.
Total equity attributable to the bank’s shareholders increased by 8.3pc to BD390.2m in Q1 2025 from BD360.5m in 2024.
Total assets increased by 4.5pc to BD7.38 billion as of March 31, 2025, compared to BD7.06bn at year-end 2024.
Financing assets increased by 4.9pc to BD3.84bn, while customer deposits increased to BD5.19bn, up 4.8pc from BD4.95bn at the end of 2024.
Accordingly, the bank’s capital adequacy ratio was maintained at 24.8pc, reflecting a strong capital position that supports sustainable growth.
Commenting on the results, Al Salam Bank chairman Shaikh Khalid bin Mustahail Al Mashani said: “We are proud to deliver a strong first-quarter performance in 2025, underscored by robust earnings growth, enhanced capitalisation, and continued balance sheet expansion. Despite the unpredictable nature of the global geopolitical and economic landscape that has characterised the start of 2025, the GCC remains resilient and well positioned for long-term growth.”
Mr Nayed
Al Salam Bank Group chief executive Rafik Nayed added: “This record performance reflects the bank’s ability to consistently execute growth initiatives and actively respond to evolving market conditions. This year, our focus will be on accelerating our Group-wide digital initiatives, enhancing customer experience and product offering, expanding our regional footprint through our asset management arm, ASB Capital, and further optimizing our operating model. These efforts continue to strengthen our position as a dynamic, diversified, and forward-looking financial group.”
With a clear focus on innovation, financial resilience, and sustainable growth, Al Salam Bank continues to build on its strong foundation, positioning itself as a leading regional financial group with integrated offerings across banking, asset management, and Takaful.
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