BMB 9-month net income surges 61pc
Manama, November 7, 2012
Bahrain Middle East Bank (BMB) has reported a 61 per cent growth in its net income for the first nine months which reached $1.8 million compared to $1.1 million last year.
Announcing the results, the Bahraini bank said its total income saw a marginal rise to $7.4 million compared to $7 million during the same period last year.
Reflecting all round cost improvements, BMB said its total expenses for the period fell to $5.3 million compared to $5.8 million last year, thus netting the bank a further 10 per cent saving.
The bank's capital adequacy continued to remain strong at 29.9 per cent showing further improvement in its results, it added.
Commenting on the results, BMB chairman Wilson S. Benjamin said, "We are very pleased with the exceptional results of the bank and its capacity to consistently deliver an all-round performance despite the challenging global and regional economic uncertainties."
"This bears evidence to its viability, depth, diversity and scope of its business model and an ability to consistently deliver an improving performance despite its modest size and resources. With legacy debt repayment substantially repaid and now drawing to a close, we remain excited about the institution’s promising future," added Benjamin.
CEO and executive director Akbar Habib said the qualitative shift in earnings has demonstrated the dynamism and relative resilience of its business model and earning streams and, as a result, has geared the bank withstand volatilities prevalent in present financial markets.
"The bank’s outlook is promising, and if necessary conditions permit, it could potentially carve itself as a niche regional financial services provider to be reckoned with," he added.-TradeArabia News Service