BMI reports net profit of $8.7m in nine months

Total assets stood at $1.079bn (BD407m), a growth of 12% from the $960m (BD362m) reported at 31 December 2006. Return on Equity (ROE) for the period stood at 13.2% while Earnings Per Share (EPS) was 0.51 cents (0.191 fils)

Commenting on the Bank's performance at the end of the third quarter of 2007, Andrew Bainbridge, Chief Executive Officer of BMI said:

"The 9-month results for BMI continue to show strong performance. Underlying the headline figures are investments in improving our product range and our operating capability, as well as our share of the start up costs of our associate in Kenya, Gulf African Bank (21.33% owned by BMI). These investments help to improve our future capability and geographic reach, benefiting our customers as we grow.

We will continue to invest in our business, recognizing the need for excellent customer service, a broad product range and strong infrastructure to support future growth".

Loans and advances stood at $801m (BD302m) representing a growth of 7% from the $751m (BD283m) reported at 31 December 2006. Customer deposits grew by 8% to reach $575m (BD 217m) from the $533m (BD201m) reported at 31 December 2006. Net interest income for the period was $16.9m (BD6.4m), an increase of 28% as compared to the $13.2m (BD5.0m) reported over the corresponding period last year.