Bahrain Middle East Bank (BMB) said it has registered a two-fold growth in its first quarter net income which hit $1.7 million compared to $0.9 million during the same period last year.

Announcing the results, the Bahrain-based bank said its total income for the three month period ending March 31 rose to $4 million from $3 million, while the capital adequacy continued to remain strong showing further consistent improvement to 26.9 per cent as compared to 24.7 per cent at end-2011 and 23.1 per cent at end of March 2011.

Commenting on the results, BMB chairman Wilson Benjamin said, 'We are delighted with the outstanding performance of the Bank on the back of having successfully completed its restructuring process and the implementation of its three-pronged strategy.'

Following the remarkable successes and turnaround witnessed over a short period of time pursuant to a new management take over in 2009, BMB's performance was in line with the broader plan set for 2012 - a growth indepth and scale of activities that were already successfully tested and proven in 2011 as a part of its phase I strategy roll-out.

The bank’s new model provides for the foundation necessary to carry-out multi-dimensional business activities that features viability, sustainability, scalability and diversity in sources of income, Benjamin added.

Commenting on the results, CEO Akbar Habib said, '2012 marks the beginning of second phase of the bank’s plan which encompasses growth oriented strategies based on a multi-dimensional business model - which has already been tested and proven with good success in 2011.

'We expect the model to continue to deliver in line with envisaged plans, however, cautionismaintained due to theuncertainties that continue to prevail across regional and international markets that requires utmost vigilance and prudence,' he added.-TradeArabia News Service