Al Salamm Bank records SDG 36.2 million profit and grows by 60% in 2010

Khartoum, Monday 26th of March 2011:

AGM approves distribution of 10% cash dividend on shareholders and reelects Board Members

Al Salam Bank – Sudan, has successfully concluded its Annual General Meeting (AGM) recently in Khartoum in the presence of the banks’ board members, in which the AGM has approved the distribution of 10% cash dividend on shareholders from the paid bank’s capital. The report of the board and results for the fiscal year ended December 31, 2010 was also discussed at the AGM.

The board members’ report, which covers the bank’s activity and its financial position for the financial year ended December 31, 2010, was also reviewed during the meeting. The AGM has approved the Fatwa and Shari'a Supervisory Board’s report on the bank’s activities.

The assembly also discussed the auditors’ report covering the balance sheet and the profit / loss count for the previous fiscal year (ending on December 31, 2010). The AGM also discussed the suggestion of board members’ rewards, the clearance of the auditors for their tasks in the previous fiscal (ending on December 31st), and appointing new auditors for fiscal year 2011 with defined salaries.

Al Salam Bank has recorded a net profit of SDG 36.2 million (about USD 14.45 million) by end of fiscal year 2010, after deducting the tax fees and zakat, compared to SDG 22.6 million (about USD 9 million) by the end of fiscal year 2009, achieving a record growth of 60%.

The bank was able to achieve excellent financial results at the end of 2010 despite global and local economy challenges and has maintained a competitive level, in addition to occupying a rank on the list of top ten banks in Sudan according to key financial indicators.

The bank's assets grew by 23% reaching SDG 1.337 billion (about USD 505 million) by the end of 2010, compared to SDG 1.86 billion by the end of 2009. The bank has also succeeded in raising the value of customer deposits to SDG 924 million recording a growth of 25%, compared to SDG 741 million by the end of 2009.

The financing portfolio of the bank rose by 22%, reaching SDG 1.8 billion by end of 2010, compared to SDG 882 million. 70% of bank’s financing portfolio was allocated to support key sectors, such as industrial, agriculture, export and finance sector, committed to guidance and regulations of the Central Bank of Sudan.

Al Salam Bank revenues have reached SDG 97 million by the end of 2010, compared to SDG 92 million by the end of 2009 recording a growth rate of 5%. The bank’s management has succeeded to maintain the operational efficiency by 31%, where the standard percentage generally accepted in the banking industry estimated at 55%.

Mohammed Bin Omair bin Yousef, Al Salam Bank Chairman said: "Al Salam Bank has maintained a balanced performance, which contributed in strengthening its capacity and the development of its financial results significantly, in addition to overcoming the challenges imposed by the global financial crisis on the banks’ performances globally and achieving significant growth in terms of profitability and to attracting more deposits.”

“Our aim is to reinforce our position between the top ten banks in the Sudan, and we are confident that we will be able to strengthen the gains and continue to grow by the support of our customers, shareholders and of course the staff, who I would like to thank them for their performance and great efforts,” Hussein Al Meeza added.

The AGM elected the board members for the coming period, in which Mohammed Omair bin Yousef, Chairman; Hussein Mohammed Salem Al Meeza Deputy Vice-Chairman and Kamal Hamza Al-Hassan; Salim Rashid Al Mohannadi; Abdullah Abdul-Karim Showaiter; Berber, Saud al-Mamoun; Mohammed Ibrahim Hamdoun; Abdul Baset Hamza al-Hassan and Muhammad Sharif Rafii as Board Members.