BMI Bank swings to $1.3m profit
Manama, February 6, 2013
Bahraini retail and commercial banking institution BMI Bank said it has posted its first annual profit in five years which hit $1.3 million for 2012 compared with a net loss of $9 million in 2011.
The bank's total income for the period was $56.2 million, reported the Gulf daily News, our sister publication.
Total assets grew by 21 per cent to $2 billion compared with $1.65 billion in 2011, while customer deposits increased by 30 per cent from $1.09 billion in 2011 to $1.42 billion in 2012.
Total loans and advances grew by 42 per cent to $1.32 billion during 2012.
The bank's net interest income for 2012 increased by 14 per cent to $41 million from $36 million.
The bank posted a net profit of $334,000 post provisions for the fourth quarter of the year compared with a net profit of $1.5 million during the same period in 2011.
"I am pleased to report a net profit of $1.3 million for 2012 which represents our sixth straight quarter of profitability," said BMI Bank chief executive Jamal Al Hazeem.
"This also reflects a healthy growth in our core business as indicated by the 30pc increase in customer deposits and 42pc 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," he added.-TradeArabia News Service