BMI posts results for the first quarter

Total Loans and Advances stood at $933m (BD352m) as compared to $865m (BD326m) at the end of March 2007. Total assets stood at $1,632m (BD615m) and rose by 65% over the $991m (BD374m) recorded at the end of March 2007.

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

"I am delighted with the first quarter results which is consistent with our strategy of delivering top-quartile returns to our stakeholders. Our business units have all displayed positive momentum while our core business continues to grow through the support of both existing as well as new customers. As part of our strategy for 2008 we intend to further consolidate our position within Bahrain through the growth of our teams, network, systems and products and services in order to better serve our customers."

BMI had recently announced an increase in its total equity (share capital and reserves) to $352m (BD133.5m), an increase of 247% from the $102m (BD38.5m) as at 31st December 2007. The increase, a result of a fresh injection of $250 m (BD95m) from the existing shareholders would be used to fund the banks organic growth and provide necessary capital to expand into other regions and markets in line with the banks strategy.

"Our priorities for the business going forward remain unchanged. The success of all our initiatives for 2008 will depend on how we manage our three pillars of customer service, infrastructure and control. By making these our priorities we will be able to deliver on all of our financial and sustainability promises," Andrew Bainbridge added.