BMI Bank Reports Profit Of USD 1.3 Million
Bahraini retail and commercial banking institution, BMI Bank today announced its financial results reporting a net profit of USD 1.3 million for the fiscal year ended 31st December 2012 as compared to a net loss of USD 9 million during the corresponding period in 2011. The total income for the period was USD 56.2 million. Total assets grew by 21% to USD 2 billion as compared to USD 1.65 billion in 2011, while customer deposits increased by 30% from USD 1.09 billion in 2011 to USD 1.42 billion in 2012. Total loans and advances grew by 42% to USD 1.32 billion during 2012. The Bank’s net interest income for 2012 increased by 14% to USD 41 million from USD 36 million in 2011. The Bank posted a net profit of USD 334 thousand post provisions for the fourth quarter of the year as compared to a net profit of USD 1.5 million during the same period in 2011.
Announcing the Bank’s results, Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said:
“I am pleased to report a net profit of USD 1.3 million for 2012 which represents our sixth straight quarter of profitability. This also reflects a healthy growth in our core business as indicated by the 30% increase in customer deposits and 42% growth in loans and advances.
In line with our commitment towards product and service innovation aimed at attracting the financial interest of both existing and potential customers, we rolled out several key initiatives in 2012 including a refreshed Ayadi Savings Scheme, two long term bancassurance products, a Visa platinum credit card with Gulf Air miles awarded on purchases, a new branch in Tubli along with 4 new offsite ATMs, an upgraded eBanking service for our retail customers and a new phone banking service amongst others.
As a prominent local Bank, we believe it is our responsibility to play a leading role in assisting our loyal customers better manage their finances. With this in mind, we signed several strategic partnerships with leading organizations within Bahrain including Bahrain Air, Arabian Sugar Company, Credimax and Tamkeen aimed at providing our customers with unique opportunities that complement the bouquet of products and services that we offer.
We have now begun to witness the rewards of our continued investment in our people, brand, system, product and services as reflected in our position as a key player amongst local retail and commercial banks within the country. At BMI Bank , we continue to maintain a Capital Adequacy Ratio of over 18% with strong liquidity and a portfolio of unique and innovative products and services.
Our focus on growing our business along with customer numbers will continue, backed by our excellent capital position and strong liquidity. We have a stable and growing business to leverage on with strong shareholder and customer support.
I take this opportunity to thank the Central Bank of Bahrain , our shareholders and all our loyal customers for their confidence in our capabilities and finally our staff for their continued commitment and support.”
Press Release
