BMI net profit surges 125pc
Manama, May 5, 2013
Bahrain-based BMI Bank has reported a net profit of $900,000 for the first quarter of this year, an increase of 125 per cent as compared to a net profit of $400,000 over the corresponding period in 2012.
This was mainly due to improved recoveries against impaired loans, reported the Gulf Daily News, our sister publication.
The total income for the quarter was $15.2 million representing an increase of 5.6 per cent as compared to $14.4 million reported during the corresponding period in 2012, primarily driven by a 15 per cent increase in net interest income which grew to $12.1 million during the quarter as against $10.5 million last time.
Total assets and total loans and advances as at the end of the period stood at $2 billion and $1.3bn respectively, at the same level as of end of 2012. Customer deposits grew from $1.41 billion at the end of 2012 to $1.47 billion at an annualised growth rate of 15 per cent.
"Equipped with excellent shareholder support, strong liquidity and guided by a refreshed strategy that was implemented in 2011, we embarked on transforming BMI Bank into a stronger retail and commercial banking business with a clear focus on Bahrain," said chief executive Jamal Al Hazeem.
"Our commitment to deliver on an enhanced and rewarding customer experience was realised through the launch of several refreshed and new customer-centric product and service initiatives that has helped us to significantly increase our market share within Bahrain over the past few years whilst maximising our shareholders' returns," he remarked.
"We began 2013 with a continued emphasis on product and service innovation as well as stronger levels of customer service and I am pleased to report a net profit of $900,000 for the first quarter of the year representing our seventh straight quarter of net profits," stated Al Hazeem.
"During the quarter we strengthened our network through the inauguration of our 10th full service branch at Salmabad helping us to effectively reach out to our customers across all key districts of Bahrain by catering to discerning financial requirements," he added.
"Following the unparalleled success achieved by our flagship retail product Ayadi Savings Scheme in the previous years, we rolled out a new revamped prize structure with an increased prize pool of $1.8 million," said the BMI chief.
"We also recently announced the launch of Prestige our premier service proposition, catering to the affluent individual looking to receive personalised attention and tailored financial solutions from their banking partner," he noted.
"Through all the various customer-centric initiatives undertaken during in the recent past as well as some that are currently underway, I strongly believe that BMI Bank is now well placed to solidify its position as a leading retail bank in Bahrain," said Al Hazeem.
"At BMI Bank, we continue to maintain an excellent Capital Adequacy Ratio of more than 19 per cent with strong liquidity and a portfolio of unique and innovative products and services and will continue to focus on growing our business along with customer numbers during the year," he added.-TradeArabia News Service