ASBB Q3 profit jumps 19pc

Al Salam Bank-Bahrain (ASBB) yesterday recorded a 19 per cent jump in its third-quarter profit thanks to the bank’s “successful and consistent execution of business strategy and continued efforts to streamline operations and enhance customer experience”.

The bank furhter said the implementation of its strategic objectives resulted in a 27 per cent increase in profits attributable to shareholders and the 32pc growth in core revenues. Third-quarter net profit attributable to shareholders rose from BD 4.1 million (US$ 10.9m) in Q3 2018 to BD 4.9m (USD 13.0m) in Q3 2019.

Earnings per share remained unchanged at 2 Fils, in comparison to the same period of 2018. Operating income (before finance expenses and share of investment account holders) grew 32pc to BD 22.5m (US$59.6m) from BD 17.0m (US$45.1m) in the year-ago quarter. Total operating income recorded a growth of 25pc to BD 12.7m (US$33.7m) from BD 10.2m (US$26.9m) in the third quarter of 2018.

Nine-month results

Net profit attributable to shareholders jumped to BD 17.2m (US$45.7m) from BD 13.6m (US$36.1m) in 2018, representing a 27pc increase. Earnings per share rose to 8 Fils from 6 Fils per share in the year-earlier period. Operating income (before finance expenses and share of investment account holders) reached BD 68.2m (US$180.8m), an increase of 14pc from BD 59.8m (US$158.8m) in the year-ago period.

Total operating income declined by 4pc to BD 39.9m (US$105.8m), due mainly to one-off items in the previous year. Total operating expenses grew by 23pc to BD 20.8m (US$55.2m) from BD 17.0m (US$45.0m) in the prior-year period.