MANAMA: Bahraini Saudi Bank, a subsidiary of Al Salam Bank-Bahrain, yesterday announced that its net profit for the first quarter jumped 52 per cent to reach $1.1 million compared to $0.7m for similar period in 2010.
"We are pleased to announce that since the acquisition of the bank by Al Salam Bank-Bahrain, the bank has made remarkable progress in terms of business growth, launch of new products, internet banking platform, expansion of its branch and ATM network," chairman Dr Anwar Al Sadah said.
"In 2010, the bank expanded its branch network from six to nine by opening four new branches and closing one, and also expanded its ATM network from 12 to 18," he said.
"The bank's strategy to focus on growing its market share in the retail, small and medium enterprises and corporate banking sectors in Bahrain is picking momentum as demonstrated by the 2011 first quarter results," he added.
The bank embarked on implementing steps towards conversion into Sharia-compliant institution as approved by the bank shareholders in October 2009.
To date, about 72pc of Bahraini Saudi's assets and 96pc of its liabilities represent Sharia-compliant transactions.