BMI Bank net profit soars to $8.8m
Manama, February 15, 2014
Bahraini retail bank BMI Bank has reported a net profit of $8.8 million for the fiscal year ended December 31, 2013, thus registering an increase of 577 per cent as compared to a net profit of $1.3 million recorded over the corresponding period in 2012.
The bank posted a net profit of $6.5 million post provisions for the fourth quarter of the year as compared to a net profit of $0.3 million during the same period in 2012.
The total income for the period was $61.4 million as compared to $56.2 million reported during the corresponding period in 2012. Total assets at the end of 2013 stood at $1.9 billion. The bank’s net interest income for 2013 increased by 10.7 per cent to $45.6 million from $41.2 million in 2012.
Announcing the results, CEO Jamal Al-Hazeem said, “Following our full-year return to profitability in 2012; the first time in the last five years, we moved into 2013 equipped with an excellent Capital Adequacy Ratio, strong liquidity and a stable and consistently growing business."
"We continued our emphasis on product innovation, stronger levels of customer service and transparency whilst focusing on significantly increasing our brand equity and market share within Bahrain through the launch of several new promotions, initiatives and partnerships to maximize our shareholders’ returns," he stated.
According to him, the $8.8 million profit represents BMI's second full-year of profitability as well as its tenth straight net quarter of profit.
"Our profit, in 2013 represents an increase of 577 per cent over 2012 and reflects a healthy growth in our core business as indicated by the improvement in our loan to customer deposit ratio which now stands at a healthy 71 per cent," explained Al Hazeem.
"In 2013, we repaid a $80 million syndicated term loan facility six months before the scheduled due date, without the need to refinance or rollover; a further testament to our growing reputation as a strong local retail Bank with excellent liquidity and a Capital Adequacy Ratio at over 16 per cent," he added.
He said the bank continued to demonstrate a strong return on its investments in people, system, product, services and brand as reflected in its position as a young tech-savvy key player amongst local banks and is gaining wide spread recognition for its innovative financial solutions.
"Going forward, our focus on growing our business along with customer numbers will continue, backed by our excellent capital position and strong liquidity. We will 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," remarked Al-Hazeem.
"We will also work on executing the details of our recently signed Share Purchase Agreement with Al Salam Bank Bahrain (ASBB) as we finalize all aspects of our business combination," he added.-TradeArabia News Service