BMB Investment Bank nine month income up by 174.6% to $16.2m

The Bank's operating income, before taxes and other expenses stood at $25.5m for the nine months with almost every area of activity registering a strong gain. Income from investments reached $23.6m as compared to $10.7m in 2006, an increase of 120.6%, while other income increased by 94.1% from $1.7m in 2006 to $3.3m for the current nine month period.

While the Bank continues its prudent approach to expense control, increased staffing levels necessary to help support the Bank's growth strategy led to a 1.8% increase in general and administrative expenses from $5.5m for the first nine months of 2006 to $5.6m in the current ninth months.

The Bank's total shareholder equity increased by 50%, or $23.2m from the end of 2006 to $69.6m at the end of September 2007 with a capital adequacy ratio of 29.4%. Meanwhile total assets increased by 3.4% to $178.5m at the end of the ninth months from $172.7m at the end of 2006.

The Bank's liquidity situation continues to improve with cash and deposits with banks showing a 192.9% increase from the end of 2006 to $37.2m.

In commenting on the results the Bank's Chairman, Mr. Wilson Benjamin, said: 'We are extremely proud of the progress we have made thus far in the year and expect our growth and profitability to continue. We have shown clear resolve and consistency in implementing our long term strategic plans and feel gratified by our progress in recent years.

The Bank's recovery and growth plan continued strongly in the third quarter with Fitch Ratings recognizing the renewed strength of the Bank and raising the Bank's long time rating from CCC to B-.'

Albert I. Kittaneh, Chief Executive, said:
'Our growth and expansion plans are steadily progressing and we have several new initiatives in the pipeline. The coming years will see the Bank introduce new product offerings and areas of activity as we seek to constantly grow and expand our unique franchise.'