Al Salam Bank-Bahrain reports 81 per cent jump in income for 2016
Al Salam Bank-Bahrain has reported total comprehensive income for the year up 81 per cent to BHD 16.666 million, from BHD 9.19 million in 2015.
Earnings per share rose to 7.6 fils for 2016 from 5.8 fils a year earlier.
The bank reported net profit for the year of BHD 16.096 million, up from BHD 10.548 million in 2015 and saw a further minor increase in income as a result of accounting reclassification of unrealised gains on investments.
The Bahrain-based Shari’ah-compliant bank saw total assets rise 1.5 per cent to BHD 1.681 billion in 2016, from BHD 1.657 billion in 2015. There was a notable increase in Murabahah and Wakalah receivables from banks which reach BHD 182.452 million in 2016, showing a rise of 76.5 per cent.
In operating income, Al Salam Bank-Bahrain saw gains on the sale of investments and Sukuk income from investments rise from BHD 8.334 million to BHD 15.153 million, a rise of 81.8 per cent. The bank also benefited from fair value changes on investments. However, these gains was partly offset by falls in income from financing contracts and Sukuk. Total operating income for the year was BHD 63 million, up from BHD 58.898 million a year earlier.
The bank was able to control costs successfully during the year with total operating expenses down by BHD 296,000 to BHD 26.058 million. Likewise, provisions for impairments during the year were BHD 25.573 million, down 1.2 per cent on the previous year’s BHD 22.851 million.