Peace Bank announces the financial results for the year 2024

Al Salam Bank (the trading code on the Bahrain Stock Exchange “Salam” and the trading code in the Dubai Financial Market “Salam_Bah”) announced the achievement of a net profit for shareholders of 16.7 million Bahraini dinars (44.3 million US dollars) in the fourth quarter of 2024, compared to 11.2 One million Bahraini dinars ($ 29.8 million) during the same period in the year 2023, which represents a 48.7% increase. This growth is mainly attributed to the strong performance of the group’s basic banking operations, subsidiary and colleague companies. The return on the stock also increased during the quarter to 5.8 fils (15.4 American cents), compared to 4.4 fils (11.7 American cents) for the same period from 2023. The total comprehensive income returning to the shareholders of the Porter of the quarter decreased by 136.3 % out of 10.9 million dinars Bahraini ($ 29.0 million) in the last quarter of 2023 to reach a loss of 4.0 million Bahraini dinars (a loss of $ 10.5 million) in the last quarter of 2024. This decrease is attributed to the change in the fair value of investments.

With regard to the fiscal year ending on December 31, 2024, the bank recorded a net profit belonging to the shareholders amounting to 59.0 million Bahraini dinars (156.5 million US dollars), a noticeable increase of 39.8% compared to 42.2 million Bahraini dinars (112.0 million US dollars) in 2023 As the return on the arrow for the year increased to 20.7 fils (54.9 American cents) compared to 16.3 fils (43.2 cents) in 2023. The total comprehensive income increased to the shareholders of the parent company by 33.2% to reach 67.1 million Bahraini dinars (178.0 million USD) in 2024, compared to 50.4 million BD (133.7 million US dollars) in 2023.

The total rights of shareholders belonging to the bank’s shareholders also witnessed an increase of 360.5 million Bahraini dinars (956.2 million US dollars) in 2024 from 337.4 million Bahraini dinars (895.0 million US dollars), which represents a growth rate of 6.8%, which enhances the strength of the head Money for the bank, with the increase in capital adequacy rate to 24.8% in 2024 compared to 20.4% in 2023.

The bank achieved a significant growth in the group’s public budget, with an increase in the total assets by 37.2% to reach 7.06 billion Bahraini dinars (18.73 billion US dollars) in 2024 compared to 5.15 billion Bahraini dinars (13.65 billion US dollars) in 2023, thanks to this – After God’s success – to expansion and self -growth in the most prominent business sectors and banking activities of the group. The volume of the financing portfolio increased by 36.8% to 3.66 billion Bahraini dinars (9.71 billion US dollars), and customer deposits increased by 41.7% to reach 4.95 billion Bahraini dinars (13.12 billion US dollars).

The Board of Directors recommended the distribution of profits of 14% of the capital issued and paid to the bank (6% cash profits 8% grant shares), with a total of 37.5 million Bahraini dinars (99.6 million US dollars). This recommendation is subject to the prior approval of the General Assembly and the relevant organizational authorities.

On this occasion, His Excellency Sheikh Khalid bin Mashail Al -Mashani, Chairman of the Board of Directors of Al Salam Bank said: “By the grace of God, our exceptional performance in 2024 is a product of an event for our long -term strategy and the strength of our team. Our focus will be during the coming period, God willing, to discover new opportunities , Especially in the fields of banking, solidarity and asset management to enhance our position as one of the leading and diverse regional financial groups.

For his part, Mr. Rafik Al -Nayed, CEO of the group at Al Salam Bank, said: “We are proud of our achievements in 2024, where we completed many major strategic initiatives that strengthened our position as a leading and diverse financial group. The Kuwait Finance House – Bahrain in a record time, and we launched the arm of the group’s assets under the name of ASB Capital, we strengthened the capital, and we expanded the public budget, and we increased profitability to record levels. Artificial and digital transformation, increasing the market share through group companies, launching new sectors to enhance diversity, improve performance and increase profitability.

The full version of the financial statements, which have been audited by the external auditor “KBMG”, is available without giving a conservative opinion, and the press statement on the website of the Bahrain Stock Exchange.