BMI Bank reports net profit of $1m

The Bank's operating profit (pre-provision) during this period grew significantly to $4.4m (BD1.7m) as compared to $1.6m (BD0.6m) reported in 2011. Total assets stood at $1.8bn (BHD0.7bn) and rose by 20% over the $1.5bn (BHD0.6bn) recorded at the end of September 2011. The Bank recorded a net profit of $207 thousand (BD 78 thousand) for the third quarter as compared to a net profit of $3.3m (BD1.2m) reported during the same period in 2011. The Bank continues to maintain its excellent Capital Adequacy Ratio of 19% with strong liquidity.

Speaking on the financial performance, Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said:"Our net profit of $1m (BD0.4m), achieved for the first nine months of the year, yet again demonstrates the effectiveness of our strategy which drives all our business lines at the Bank. This represents our fifth straight quarter of profits and strengthens our resolve to continue to provide our customers with a range of financial solutions through quality products and services that deliver a profitable, sustainable and consistently growing performance creating genuine value for all our stakeholders.

We continue to consolidate our position as a key player amongst local retail Banks as we grow our core business. During the quarter we launched our Platinum credit card offering customers the advantage of earning miles that can be directly redeemed towards Gulf Air's 'Falconflyer' program in addition to a complimentary 'Falconflyer' Silver membership card. Acceptance on our Diners Club credit card, which provides members complimentary lounge access at various airports worldwide, has increased immensely with the signing up of new vendors within Bahrain in our endeavor to register 100% acceptance for the card across the country

Ayadi, our flagship savings product also received a significant boost in terms of portfolio growth registering a 10% increase during the quarter coinciding with our first grand prize of $500,000 which was the highest amount given away during Eid al Fitr. We also extended our successful partnership with Tamkeen that aims to provide Sharia-compliant financing for enterprises within the local private sector through a third contribution of BD10m expanding our total contribution towards the scheme to BD30m.

The local financial industry has long been one of the cornerstones of the economy mainly due to its sheer size and resilience; however looking at the current international and local economic conditions as well as a tough operating environment, we will continue to maintain our prudent approach and focus on consolidating within Bahrain by investing in our business, brand and people to consistently deliver innovative financial solutions."