Al Salam profit hits $21 million

23/11/2009 00:00 AST

Al Salam Bank- Sudan posted a $21.5 million profit in the third quarter of this year, including investors shares - up about nine per cent compared to $19.7m during the same period last year.

In addition, the bank announced an increase in earnings per share from nine cents to 12.4 during the third quarter. It also allocated $3.3m for funding during the third quarter, bringing the total to $4.95m for the first nine months of this year. The net profit of property rights also increased by 38pc since the third quarter last year - from $9m to $12.4m. On the downside, the value of assets - $436m - at the end of the third quarter was about five per cent less than $458m for the same period last year. The bank said that the decline came as a result of a rising dollar against the Sudanese pound. "The results indicate the banks strong position in the financial markets," general manager Osman Mokhtar said.

"We expect the bank to achieve greater success in the fourth quarter and excellent financial results at the end of this year," he added.


Gulf Daily News

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

23/11/2009

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 inv

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