Bahrain-based BankMuscat International (BMI) on Wednesday announced a net profit of BD1.6 million ($4.2 million) for the first quarter ended 31 March 2008, posting an increase of 24 per cent when compared to last year.

The bank had recorded a net profit of $3.4 million last year, said a top bank offiicial.

The total loans and advances stood at $933 million as compared to $865 million at the end of March 2007. Total assets stood at $1,632 million and rose by 65 per cent over the $991 million recorded at the end of March 2007.

Speaking on the bank’s performance, Andrew Bainbridge, chief executive officer of BMI said: “I am delighted with the first quarter results which is consistent with our strategy of delivering top-quartile returns to our stakeholders. Our business units have all displayed positive momentum while our core business continues to grow through the support of both existing as well as new customers.'

'As part of our strategy for 2008 we intend to further consolidate our position within Bahrain through the growth of our teams, network, systems and products and services in order to better serve our customers,” he noted.

BMI had recently announced a 247 per cent jump in its total equity (share capital and reserves) to $352 million from the $102 million as on December 31, 2007.

'The increase, a result of a fresh injection of $250 million from the existing shareholders would be used to fund the banks organic growth and provide necessary capital to expand into other regions and markets in line with the banks strategy,' Bainbridge said.

“Our priorities for the business going forward remain unchanged. The success of all our initiatives for 2008 will depend on how we manage our three pillars of customer service, infrastructure and control. By making these our priorities we will be able to deliver on all of our financial and sustainability promises,” he added.-TradeArabia News Service