Al Salam Bank continues share buyback program: DFM-listed, Bahrain-based Al Salam Bank purchased 104.3k treasury shares on the Bahrain Bourse yesterday, raising its treasury share holdings to 46.7 mn, up from 46.6 mn, representing 1.8% of the issued share capital, according to a DFM disclosure. The bank also acquired 70.6k treasury shares on the Bahrain Bourse this past Sunday, according to a separate DFM disclosure.

The bank’s buyback program kicked off on 14 November, aiming to buy back 10% of its treasury shares, according to a DFM disclosure. The program is set to conclude on 11 February, 2024. This week’s buybacks follow share buybacks on 29 and 30 November, according to a DFM disclosure.

Despite doing well on the DFM, the bank’s share price has stumbled over in Bahrain: By the end of September, Al Salam Bank’s share price dipped in September to BHD 0.161 apiece, after climbing up from a low of BHD 0.093 at the beginning of the year. Shares are currently trading at BHD 0.198 apiece.

On the DFM, the bank’s share price rose 6% over the last 30 days, according to the DFM’s trading summary data. The company’s net income rose 54% y-o-y to BHD 10.45 mn in 3Q 2023, according to the company’s 3Q 2023 financial results.

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