BMB's net profit tops $4m for H1
Manama, August 12, 2010
Bahrain Middle East Bank (BMB) bounced back into the black in the first half of the year with a net profit of $4.1 million compared with a loss of $19.7 million in the first six months of 2009.
Fair value reserves stood at $6 million, up from $1.3 million a year ago.
Operating expenses were reduced by 45 per cent to $3m from $5.5 million, reflecting the positive results of the successful restructuring and re-organising efforts undertaken by the bank.
Capital adequacy continues to remain sound at 17 per cent, the bank said.
'The results remain testament to our continued effort and commitment towards strengthening various aspects of the bank's business, cost and efficiency improvements and general improvement to the overall internal control environment and risk management framework,' said chairman Wilson Benjamin.
'Our focus remains on the bigger picture and to bring to fruition our end vision which is to emerge as a modern, self-disciplined and dynamic financial institution. Currently, the bank is evaluating several options for sustained growth and diversity and now looks to the future with a great degree of hope and optimism,' he added.
Chief executive officer Akbar Habib said: 'Our multi-pronged strategy has proved to be resilient to global financial challenges as evident from the continuous improvement in the overall operating results of the bank achieved despite challenges faced on many fronts.”
'The bank now looks to attract new capital to realise its vision, sooner than later, and seize opportunities currently at hand and broaden its scope in terms of scale and depth,' he added. – TradeArabia News Service