Global Finance Magazine announces Al Salam Bank as winner of 'Bank of the year' award in Sudan



Khartoum, Monday 14th of April 2011:

 

Al Salam Bank – Sudan, has won the ‘Bank of the year’ award after securing the first position in Global Finance magazine’s recent ranking for leading Sudanese banks. The magazine attributed the bank’s success to its ability to secure a notable growth in revenues and financial assets in addition to forming key strategic relationships with various industries. The bank has also made huge progress in its pricing, services and product offering.

Mr. Mohammed Bin Omair bin Yousef, Al Salam Bank Chairman, has been invited to receive the award in a special ceremony that will be organized in line with the annual meetings of the IMF and World Bank set to take place in October.

Commenting on the award winning, Hussein Mohammed Salem Al Meeza, Deputy Vice-Chairman said, “Winning this prestigious award for the 2nd time is another proof of the tireless efforts that the bank management and staff have been exerting over the years to ensure world class Islamic banking services in Sudan. Our services’ quality, reputation and customer satisfaction rates have all played a key role in positioning us amongst the top 25 leading banks in Africa according to the magazine.”

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.