Al Salam Bank Sudan reports strong third-quarter growth and profit

23/11/2009 00:00 AST

Al Salam Bank -Sudan has released new figures showing substantial Q3 gains as well as positive growth in investors shares.

The bank achieved a profit of $21.5m during Q3 2009 including investors shares; an increase about 9% compared to the $19.7m generated during the same period last year.

In addition, the bank announced an increase in earnings per share from 9 cents to 12.4 cents during Q3. Al Salam Bank - Sudan also allocated $3.3m for funding during Q3, bringing the total to $4.95m for the first 9 months of 2009. The net profit of property rights also increased by 38% since Q3 2008, from $9m to $12.4m.

On the downside, the value of assets at the end of Q3 2009 ($436m) was about 5% less than the value of assets in Q4 of 2008 (roughly $458m). Al Salam Bank says that the decline came as a result a rising dollar-value against the Sudanese pound.

Mr. Osman Mokhtar, General Manager of Al Salam Bank - Sudan, expressed his happiness over the positive earnrings.

"These results indicate the banks strong position in the financial markets. We expect the bank to achieve greater success in Q4 and anticipate excellent financial results at the end of this year."

Al Salam Bank- Sudan is one of the largest banks in terms of capital market on the Khartoum Stock Exchange. Through its innovative and unique banking services, it has become one of the most important banks operating in the Sudanese market. The Bank was established as a result of cooperation between the UAE, GCC and Sudanese governments. It launched its operations on May 25, 2005 with $100m capital.

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