Al Salam Bank records USD 14 million as net profit in 2011

AAl Salam Bank – Sudan, has recorded a net profit of about AED 51 million (about USD 14 million) during the year 2011. The announcement came during a recent board meeting held in Al Khartoum, where the board recommended the distribution of 10% as cash dividend to shareholders. The recommendation will be presented during the upcoming General Assembly meeting which is scheduled to take place on March 25th, 2012. Commenting on the announcement, Mr. Hussein Mohammed Salem Al Meeza, Deputy Vice Chairman and Head of the Executive Committee said: “The financial results that we achieved in 2011 are a solid proof of the efforts exerted by the bank’s executive management, which was able, since the bank’s first year of operation in 2005, to generate profits for its shareholders.” “We are currently focusing on strengthening Al Salam’s presence in Sudan through expanding the branch network in different areas in the capital, Al Khartoum, as a first phase. This expansion will continue in other cities and areas in Sudan in later stages,” added Al Meeza. Most recently, Al Salam Bank Sudan has opened its third branch in Um Durman, and will inaugurate the fourth branch in Bahri city in the upcoming months.