BMI posts net profit for 2007

Speaking on the Bank's performance, Andrew Bainbridge, Chief Executive Officer of BMI said:

"Overall we have made good progress in growing our assets and liabilities, marking a steady increase in our business in terms of customer numbers and product penetration. We saw significant improvement from 2006 in terms of customer reach, with new and expanded access points for our customers. Our growing network and customer service capabilities support such growth as well as increasing convenience and ease of use for our customers."

Underlying the headline figures are significant investments in improving our product range, operating and risk management capabilities, our share of the start up costs of our associate in Kenya, Gulf African Bank, expenses related to developing our new strategy and to raising further equity to support our near term growth plans. These investments will improve our future capability and geographic reach, benefiting our customers as we grow."

Net interest income increased by $5.9m (BD2.2m) an increase of 32% as compared to 2006 with strong growth in both retail and corporate banking. Total assets grew by 41% to $1,353bn (BD510m) as compared to $960m (BD362m) in 2006 while total deposits grew by 29% to $1,077bn (BD406m) as compared to $833m (BD314m) in 2006. Net Loans and Advances grew by 16% to $867m (BD327m) as compared to $751m (BD283m) in 2006.

"Going forward, we will continue to invest, as planned, in our people, infrastructure and brand, to create value for our stakeholders. I take this opportunity to thank the Central Bank of Bahrain, our shareholders, customers and staff for their continued commitment and support," Andrew Bainbridge added.