BMI 9-month profit surges 141pc
Manama, November 2, 2013
Bahraini retail and commercial bank BMI has reported a net profit of BD0.88 million ($2.34 million) for the first nine months, up 141 per cent compared to a net profit of $1 million last year.
The bank recorded a net profit of $0.9 million for the third quarter as compared to a net profit of $0.2 million reported during the same period in 2012.
The total income for the nine months rose to $43.79 million compared to $41.59 million reported during the corresponding period in 2012, primarily driven by a 10.5 per cent increase in net interest income which grew from $30.66 million recorded during the first nine months of 2012 to $33.88 million (BD 12.77 million) in 2013.
Announcing the results, CEO Jamal Al-Hazeem, said: "I am pleased to report our ninth straight net quarterly profit, which once again reflects the effectiveness of our continued emphasis on product and service innovation as well as stronger levels of customer service."
BMI is currently offering local customers a range of retail products and services including regular savings and current accounts, Visa gold and classic credit cards, a Platinum credit card with rewards from Gulf Air’s Falconflyer program, a Diners Club credit card including an Ayadi Plus Diners Club credit card and La Carte, a co-branded Visa credit card in partnership with Geant Hypermarket, stated Al-Hazeem.
"During the third quarter we launched a Salaf loans promotion and have been encouraged with the overwhelming response from customers which translated into a 58 per cent net growth in sales as compared to the previous quarter. Additionally the response to our revised term deposits rates have been positive as seen from the growth in the portfolio by 12 per cent during the quarter," he explained.
"In line with our commitment to provide customers with financial solutions that better suit their needs whilst rewarding them for their loyalty, we enhanced our La Carte credit card offering to include a promotional zero percent installment for 6 months on any electronic purchase worth BD50 or more at Geant Hypermarket," stated Al-Hazeem.
"A promotional one per cent interest is also available to customer wishing to avail either a 12 month or an 18 month installment plan. We will soon be unveiling two rewards-based promotions on our other credit cards which include the Diners Club range of cards and our Platinum Credit card," he added.-TradeArabia News Service