BMB profit up 16.6pc to $24.6m
Manama, February 12, 2008
BMB Investment Bank (BMB) announced today a net profit of $24.6 million for 2007, an increase of 16.6 per cent over the previous year.
The bank had achieved a net profit of $21.1 million in 2006.
The bank’s Board of Directors is recommending to its shareholders a 5 per cent stock dividend, subject to the approval of the Central Bank of Bahrain and the bank’s Ordinary General Meeting.
Other main highlights of the year’s performance include:
• Income from investments came in at $23.2 million as compared to $27.2 million in 2006;
• The bank completed the sale of its headquarters building late in 2007 resulting in a net income of $13.2 million
• General and administrative expenses declined to $8.7 million in 2007 from $9.3 million in 2006
• Total assets rose to $180.9 million in 2007 from $172.7 million in 2006
• Total shareholders equity increased to $71.4 million as compared to $46.4 million.
Commenting on the results, the bank’s chairman Wilson Benjamin, said: "Over the past three years BMB has clearly demonstrated both its strong earning power and the validity of its business model under what can be described as nothing short of extremely challenging circumstances.
"Our financial foundation has been rebuilt; our spirit and vision revitalised. In 2008 we will begin moving forward with several new product and business initiatives. In doing so, we will retain our strategic focus on the medium to long term, identifying fundamental shifts in macroeconomic and market trends and aligning our strategies to take advantage of them.”
Albert I Kittaneh, chief executive, said: “We are extremely pleased to report that 2007 was another year of significant and sustained progress at BMB. The bank has come through the years of adversity with a renewed strength and increased vigour.
"As we embark on the exciting new phase of expanding the depth and breadth of our business through added market and geographic penetration, we will do so in a prudent and incremental manner, always cognizant of the risks in global markets.” - TradeArabia News Service
