BMI posts fifth consecutive quarterly profit
Manama, October 24, 2012
Bahraini retail and commercial banking institution BMI Bank registered a net profit of $1 million for the first nine months, the lender's fifth quarterly profit in a row, as it showed signs of its strength in the kingdom.
It announced a net profit of $1 million for the first nine months ended September 30 compared with a net loss after provisions of $10.3 million recorded over the corresponding period in 2011.
The bank's operating profit, pre-provision, during this period grew significantly to $4.4 million compared with $1.6 million reported in 2011.
Total assets stood at $1.8 billion and rose by 20 per cent over the $1.5 billion at the end of September 2011.
The bank recorded a net profit of $207,000 for the third quarter compared with a net profit of $3.3 million reported during the same period in 2011.
The bank continues to maintain its excellent capital adequacy ratio of 19pc with strong liquidity.
"Our net profit of $1 million achieved for the first nine months of the year, yet again demonstrates the effectiveness of our strategy which drives all our business lines at the bank," said chief executive Jamal Al Hazeem.
"This represents our fifth straight quarter of profits and strengthens our resolve to continue to provide our customers with a range of financial solutions through quality products and services that deliver a profitable, sustainable and consistently growing performance creating genuine value for all our stakeholders.
"We continue to consolidate our position as a key player amongst local retail banks as we grow our core business," he added.
"During the quarter we launched our platinum credit card offering customers the advantage of earning miles that can be directly redeemed towards Gulf Air's Falconflyer programme in addition to a complimentary Falconflyer Silver membership card.
"Acceptance on our Diners Club credit card, which provides members complimentary lounge access at various airports worldwide, has increased immensely with the signing up of new vendors within Bahrain in our endeavour to register 100 per cent acceptance for the card across the country," he said.
"The local financial industry has long been one of the cornerstones of the economy mainly due to its sheer size and resilience.
"However, looking at the current international and local economic conditions as well as a tough operating environment, we will continue to maintain our prudent approach and focus on consolidating within Bahrain by investing in our business, brand and people to consistently deliver innovative financial solutions," he added.-TradeArabia News Service