The Bahrain Middle East Investment Bank (BMB) recently announced its first quarter net profit for 2002 surged 125 percent to three million dollars as compared to a loss of $11.8 for the first quarter of 2001.
The bank’s operating profit for the three month period increased by 186 percent to $7.0 million as compared to an operating loss of $8.2 million in the first quarter of 2001. Investment activity in the first quarter produced a profit of five million dollars as compared to a loss of $7.4 million for the corresponding prior year period, a 167 percent improvement.
BMB was established as an Offshore Banking Unit in 1982. Its shares are listed on the Bahrain Stock Exchange. The Bank's shares are held by over 14,000 shareholders throughout the Gulf. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
