Best bank: Al Salam Bank
Al Salam Bank enjoyed strong financial performance last year, while expanding its geographic footprint and innovating in the digital space. It is Euromoney’s best bank in Bahrain 2024.
AfE 2024
Total assets grew by 32% in 2023 to BD5.15 billion ($13.7 billion) and profit before tax was up 60% on 2022, at BD52.7 million from BD33 million. This was mostly driven by the near doubling of income from BD95 million in 2022 to BD174 million in 2023 and a doubling of net fee and commission income.
Key milestones were met during the review period: the retail bank's liability book exceeded BD1 billion for the first time, while transaction levels hit a million a day. The bank also saw volumes of BD1.4 million in ATM transactions and BD111 million in cash withdrawals.
Outside Bahrain, the bank announced the successful acquisition of a majority stake in Algeria’s fastest-growing bank – Al Salam Bank Algeria – increasing its shareholding from 37.43%