Archive | Al Salam Bank

General Assembly of “Al Salam Bank – Sudan” agrees to distribute 10% cash dividend

General Assembly of “Al Salam Bank – Sudan” agrees to distribute 10% cash dividend

Bank achieves net profit of USD 14 million in 2011

2244Khartoum, March 25, 2012: H.E Mohammad Omair bin Yousif, Chairman of Board of Directors of Al Salam Bank Sudan announced during the bank’s eighth AGM, held today, that the bank has achieved encouraging financial results during 2011.

The positive results were due to the efforts exerted by the bank’s management to face the continuing challenges as the banking industry recovers from the negative outcome associated with the global economic crisis, as well as economic and political crises that region has witnessed, through the adoption of financial and administrative policies.

During his speech, Bin Yousif said: “Despite these challenges, Al Salam Bank has continued the development process, which indicates good performance. The bank has taken a leading position among the banking system units in Sudan, and responded to the requirements of the Central Bank of Sudan, particularly the program of setting institutional.”

“The ratio of the capital adequacy was 30% in December 2011, which is superior to the adequacy ratio of standard of 12%. This is a very positive and shows the financial position integrity of the bank and its strength. In the same context, the Bank maintained satisfactory level during 2011, reflecting more than medium level in accordance with the CAEL indicators within the framework of preventive control of the Central Bank of Sudan,” added Bin Yousif.

“The bank has achieved good financial results in year-end 2011, whereas the bank assets grew by 7.4% to reach 1436 million Sudanese pounds, compared to 1337 million Sudanese pounds in year-end 2010. In resources area, the bank has managed to increase its customer deposits to 980 million Sudanese pounds within a growth rate of 6%. This was due to our investment in marketing and promotions of our bank services, despite liquidation deposits of high volumes associated with banking operations in the range of 164 million Sudanese pounds,” he added.

Bin Yousif also explained that the efforts focused towards resources allowed working according to investment and financing portfolio in the range of 1,121 million Sudanese pounds compared to 1.080 million Sudanese pounds in year -end 2010, with a growth rate of 4%. Investment and financing portfolio was employed with high efficiency, which led to maintaining the liquidity balance and maximize the profitability of the bank. This process was done under full compliance to regulations and policies of the Central Bank of Sudan, whereas more than 70% of the financing portfolio was mentored to finance priority sectors in the Sudanese economy, such as industry, agriculture, real estate, and microfinance. The bank has also kept the delinquency ratio on 4.9% of the total financing portfolio, where he collected more than 8 million Sudanese pounds under the program of liquidation of bad debts during 2011.

“The further expansion of the business reflected positively on income, whereas operating income totaled 106.1 million Sudanese pounds, an increase of 3.3% compared to the same period last year,” said Bin Yousif.

“The share of income from investment and financing activities was 68.8% of total revenue, and total amount of 73 million pounds, while the revenues of banking operations have accounted 14.3% of 15.1 million pounds, and finally the revenue of re-evaluating the position of the bank foreign currencies accounted for 16.9% equivalent to 18 million pounds,’ he added.

“Bank operating expenses increased from 30 million Sudanese pounds at year-end 2010 to 38.1 million Sudanese pounds in the end of 2011 with a growth ratio of 27%, due to higher inflation, which reached a record level of about 17% in 2011. The ratio of operational cost reached 35.9% by end of 2011, which is the ratio of total expenses to total income, noting that the standardization in accordance with the directives of the Central Bank of Sudan is 55%.”

“Shareholders’ equity rose to 377.3 million Sudanese pounds by end of 2011 compared to 365.1 million Sudanese pounds for the year 2010, a growth rate of 3.3% due mainly to the large profits made over the past years as well as the building of reserves capacity,” concluded Bin Yousif.

H.E Hussain Al Meza, Vice President of Board of Directors, Al Salam Bank Sudan said:” The bank achieved a net profit of 39.6 million Sudanese pounds to its shareholders after tax and zakat, compared with 36.1 million Sudanese pounds in 2010, up by 3.5 million Sudanese pounds from the previous year and a growth rate of 9.7%

“Al Salam Bank Sudan has opened Omdurman branch in order to expand bank’s customer base, and it’s expected to open a sea branch during the current year 2012. In addition, the bank has added two new locations for ATM machines, along with launching Al Salam Mobile product which offerd a range of banking services,’ added Al Meza.

Al Meza explained that the externally distinguished reputation of Al Salam Bank Sudan, and its ability to meet its obligations, allowed him to gain the trust and get significant size of credit lines in soft margins to enhance the credits.

Regarding banking technology, Al Meza indicated that’s 2011 has seen many achievements in the bank, including the development and promotion of adapter system to the latest version of a global version (4.2), which enhanced the stability and quality of ATM services. In addition, the bank has developed the standardization of all bank’s ATM display (NEW BRANDING). Moreover, the bank has implemented the infrastructure development of Information Centre.

The Vice Chairman of the Board of Directors of Al Salam Bank Sudan said: “The bank management is taking a growing interest in  its employees, whereas it raised the capacity and training of staff through designed training programs according to bank annual plan, where the number of training opportunities during the year 2011 was183.

Al Slam Bank –Sudan has also been active on its social Takaful by providing humanitarian aid to support the poor, needy, widows, and sick people.  In addition, the bank has provided a good support to health and educational facilities, mosques, Khalawi, sports clubs, social and cultural institutions.

Al Salam Bank – Sudan has been awarded the Global Finance Award for 2010 by Global Finance Magazine, the world-renowned American publication specialized in finance.The Bank was recognized for its continuous achievements, quality banking services offered to the Sudanese market, growth in assets and profits, strategic relationships, competitive pricing, and innovation in products and services. Al Salam Bank received the award at a special ceremony held in Washington during the period from 23 to September 25, 2011, on the sideline of the International Monetary Fund and the World Bank meetings.

The General Assembly of Al Salam Bank Sudan has approved Board’s proposal to distribute 10% cash dividends to shareholders, Knowing that the bank’s main capital is USD 100 million, and The General Assembly also has heard and adopted the reports of the Board of Directors, and the Fatwa and Shari’a Supervisory Board, and auditors for the Bank’s activities for the financial year ended 31/12/2011. In addition, AGM has discussed and adopted the balance sheet and profit and loss account for the financial year ended 31/12/2011, and ratified the Directors’ remuneration for the past year 2011, and acquitted Council members for their actions during the past year, and agreed to reappointment of external auditors for the current fiscal year, which expire on December 31, 2012 and set their fees.




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

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

Sudanese bank board recommends distribution of 10% as cash dividend to shareholders

2157Khartoum – February 14th, 2012:  Al 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.



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Al Salam Bank records SDG 36.2 million profit and grows by 60% in 2010

Al Salam Bank records SDG 36.2 million profit and grows by 60% in 2010

AGM approves distribution of 10% cash dividend on shareholders and reelects Board Members

Al Salam Bank - AGM 2011

Al Salam Bank - AGM 2011

Khartoum – 26th March 2011: Al Salam Bank – Sudan, has successfully concluded its Annual General Meeting (AGM) recently in Khartoum in the presence of the banks’ board members, in which the AGM has approved the distribution of 10% cash dividend on shareholders from the paid bank’s capital. The report of the board and results for the fiscal year ended December 31, 2010 was also discussed at the AGM.

The board members’ report, which covers the bank’s activity and its financial position for the financial year ended December 31, 2010, was also reviewed during the meeting. The AGM has approved the Fatwa and Shari’a Supervisory Board’s report on the bank’s activities.

The assembly also discussed the auditors’ report covering the balance sheet and the profit / loss count for the previous fiscal year (ending on December 31, 2010). The AGM also discussed the suggestion of board members’ rewards, the clearance of the auditors for their tasks in the previous fiscal (ending on December 31st), and appointing new auditors for fiscal year 2011 with defined salaries.

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.

The financing portfolio of the bank rose by 22%, reaching SDG 1.8 billion by end of 2010, compared to SDG 882 million. 70% of bank’s financing portfolio was allocated to support key sectors, such as industrial, agriculture, export and finance sector, committed to guidance and regulations of the Central Bank of Sudan.

Al Salam Bank revenues have reached SDG 97 million by the end of 2010, compared to SDG 92 million by the end of 2009 recording a growth rate of 5%. The bank’s management has succeeded to maintain the operational efficiency by 31%, where the standard percentage generally accepted in the banking industry estimated at 55%.

Mohammed Bin Omair bin Yousef, Al Salam Bank Chairman said: “Al Salam Bank has maintained a balanced performance, which contributed in strengthening its capacity and the development of its financial results significantly, in addition to overcoming the challenges imposed by the global financial crisis on the banks’ performances globally and achieving significant growth in terms of profitability and to attracting more deposits.”

“Our aim is to reinforce our position between the top ten banks in the Sudan, and we are confident that we will be able to strengthen the gains and continue to grow by the support of our customers, shareholders and of course the staff, who I would like to thank them for their performance and great efforts,” Hussein Al Meeza added.

The AGM elected the board members for the coming period, in which Mohammed Omair bin Yousef, Chairman; Hussein Mohammed Salem Al Meeza Deputy Vice-Chairman and Kamal Hamza Al-Hassan; Salim Rashid Al Mohannadi; Abdullah Abdul-Karim Showaiter; Berber, Saud al-Mamoun; Mohammed Ibrahim Hamdoun; Abdul Baset Hamza al-Hassan and Muhammad Sharif Rafii as Board Members.

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Al Abbar Quits and Mohammed Bin Omeir bin Yousef is named new Chairman for AL Salam Bank – Sudan

Al Abbar Quits and Mohammed Bin Omeir bin Yousef is named new Chairman for AL Salam Bank – Sudan

2269Khartoum, April 28th, 2010: Al Salam Bank - Sudan today announced that H.E. Mohammed Ali Al Abbar has resigned from his position as the bank’s Chairman due to his responsibilities overload.

Al Salam Bank’s Board of Directors expressed deep appreciation for the massive efforts exerted by AL Abbar to lead the band since its establishment, his limitless support for the Board and his full cooperation with its members. The Board assured that during Al Abbar’s tenure, Al Salam Bank - Sudan experienced an outstanding fiscal results and high profitability and maintained a 10% dividend distribution since its launch.

H.E. Hussein Mohammed Al Meeza, Vice Chairman of Al Salam Bank – Sudan, lauded Al Abbar’s dedication and contributions to the success achieved by the Bank so far.

“Al Abbar’s resignation as the Chairman of Al Salam Bank – Sudan is a real loss for the bank. However, considering Al Abbar’s circumstances and the burden of responsibilities he is shouldering, the Board of Directors had no choice other than accepting his resignation,” he said.

Al Meeza expressed gratitude for the resigned Chairman, who is considered the founder of Al Salam Bank – Sudan.   . 

Meanwhile, Al Salam Bank – Sudan announced the appointment of H.E. Mohammed Bin Omeir bin Yousef as the Bank’s new Chairman, stressing that there will be no changes in the composition of its Board of Directors.


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General Assembly of Al Salam Bank Sudan Agrees on the Distribution of Cash Dividends to Shareholders at the Rate of 10% of the Paid-Up Capital

General Assembly of Al Salam Bank Sudan Agrees on the Distribution of Cash Dividends to Shareholders at the Rate of 10% of the Paid-Up Capital

The Bank Achieved Net Profit of SDG 22.6 Million during 2009 with Other Notable Leaps in their Financial Position despite the Challenges of the Global Financial Crisis

2268Khartoum, April 28, 2010: HE Hussein Mohammed Al Meeza, Deputy Chairman of the Board of Al Salam Bank Sudan, has said that during 2009 the Bank achieved “great strides” in most of its financial endeavors despite the difficult situation of the world economy following the global financial downturn last year.  In addition to internal growth—which saw net profits rise to SDG 22.6 million during 2009—the Board of Al Salam Bank Sudan has agreed on the distribution of 10% stock dividends to shareholders.

In his speech at the sixth meeting of the bank’s General Assembly held in Khartoum today, Al Meeza said, “Thanks to God, Al Salam Bank Sudan was able to maintain its financial position and achieve growth rates in many financial areas, with an 8% growth of total assets from SDG 1.003 billion in 2008 to SDG 1.086 billion in 2009.”

Al Meeza also confirmed that 2009 witnessed growth in the amounts of deposits, reaching about SDG 741 million; a record growth of 12% from the SDG 662 million recorded during the same period in 2008.  “The bank maintains a powerful position in the area of liquidity as the current ratio is approximately 34%, through which the bank functions all of its tasks and banking obligations,” added Al Meeza.

The bank’s funding amount also increased from SDG 641 million at the end of 2008 to SDG 679 million at the end of 2009, a record growth of 6%. A large portion of these funds financed the Sudanese economy in sectors such as telecommunications, strategic goods, the oil sector, and the real estate sector.

Also Bank overall investments rise from SDG 192 million by the end of 2008 to about SDG 203 million by the end of 2009, forming a growth rate of 6%.

Deputy Chairman of the Board of Al Salam Bank Sudan explained that the Bank has succeeded to increase its gross income in all banking and investments activities by 13%  i.e. SDG 91.7 million at the end of 2009 compared to SDG 81.4 million in 2008. On the other hand the general and administrative expenses grew by approximately 6.9% i.e.  to SDG 24.9 million compared to SDG 23.3 million for the same period.    

Also to strengthen the Bank’s financial position, Bank Management has decided to increase the specific provision by nearly 211% i.e. from SDG 4.5 million to SDG 14 million.  Finally, the Bank achieved SDG 50.3 million gross profits by the end of 2009 and a net profit of SDG 22.6 million.
 
Furthermore, Al Meeza pointed out that 2009 marked down concerns regarding the global economic recession and that positive signs have recently started to appear. “This calls for optimism about the possibility of slow improvement in the performance of global economies,” says.  As for the performance of the Sudanese economy, reports indicate an improvement in growth rates in 2010 and opportunities to eliminate the effects of deflation that accompanied the limited performance of the Sudanese economy during 2009.  In Sudan, much of that negativity was a result of the decline in foreign currency balances due to lower oil prices and the decline in the value of the Sudanese Pound against foreign currencies. High inflation rates also had a clear impact on the overall activities of banks’ foreign businesses in Sudan.

Al Salam Bank Sudan also achieved good rating during the regular performance review by the Central Bank of Sudan in the assessment of banks operating in the country. In 2010, the bank will seek to obtain a review rating of A or A+, which has not been achieved by any bank during the year 2009.  This will be supported by a plan to open several new branches during 2010 to expand its client base. So far the company has opened five ATM locations and nine sites as points of sale; part of an integrated plan to improve the quality of banking services.

In addition, the Bank has revealed plans to provide new products to the market as it expands trade with retail banking in line with its policy of supporting the sector.  “The Bank’s management looks forward to improving the staff’s performance during the year in light of domestic and international economic developments while diversifying the Bank’s customer base and increasing the size of deposits,” says Al Meeza.  In 2009, some 45 employees were enrolled into various training courses related to banking both inside and outside of Sudan.

In terms of reviews, several reports from entities such as the Governing Council, Fatwa and Sharia Supervision Board, and independent auditors for the Bank’s activities were heard and approved during the 2009 financial year. These approvals included ratifying the position of the Governing Council, acquitting Board members whose terms were up, and the reappointment of external auditors for the current fiscal year.

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

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


Al Salam Bank –Sudan has released new figures showing substantial Q3 gains as well as positive growth in investor’s shares.  The bank achieved a profit of $21.5 million during Q3 2009 including investors’ shares; Read the full story

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The General Assembly of Al Salam Bank Sudan Agrees on the Distribution of Cash Dividends to Shareholders at the Rate of 10% of the Paid-Up Capital

The General Assembly of Al Salam Bank Sudan Agrees on the Distribution of Cash Dividends to Shareholders at the Rate of 10% of the Paid-Up Capital


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HE Mohamed Ali Al Abbar, Chairman of the Board of Al Salam Bank Sudan, said that during 2008, the Bank has achieved great strides in the most items of the financial position, despite the current difficult situation of the world economy as a result of developments of the global financial crisis during the year 2008. Read the full story

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With a paid up capital of US$100 million Al Salam Bank starts operations in Algeria

With a paid up capital of US$100 million Al Salam Bank starts operations in Algeria


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Al Salam Bank in Algeria, , was officially opened today by H. E. Hussein Mohammed Al Meeza, Vice Chairman of the Board of Directors of Al Salam Bank and a number of high ranking officials and businessmen.  The event marks the launch of the bank’s high quality services in the Algerian market.   Read the full story

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Al Salam Bank Sudan wins ”Global Finance Award” as best bank in Sudan

Al Salam Bank Sudan wins ”Global Finance Award” as best bank in Sudan


Al Salam Bank Sudan wins ‘’Best bank in Sudan’’ award for 2008 by Global Finance magazine, the American publication, considered as one of the key publications in finance internationally.

The bank been awarded for its continuous achievements and the quality Islamic banking services offered to the Sudani market along with the advanced banking technologies used. Read the full story

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Sudanese President inaugurates new premises of Al-Salam Bank  Ordinary general assembly to distribute (10%) dividend to shareholders

Sudanese President inaugurates new premises of Al-Salam Bank Ordinary general assembly to distribute (10%) dividend to shareholders


Sudanese President, Omar Hassan Al-Bashir, today inaugurated the new premises of Al-Salam Bank of Sudan, located downtown the capital, Khartoum. Read the full story

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