Bahrain based BankMuscat International (BMI) today announced a net profit of USD 8.7 million (BD 3.3 million) for the nine months ended 30 September 2007. Total assets stood at USD 1,079 million (BD 407 million), a growth of 12% from the USD 960 million (BD 362 million) 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 USD 801 million (BD 302 million) representing a growth of 7% from the USD 751 million (BD 283 million) reported at 31 December 2006. Customer deposits grew by 8% to reach USD 575 million (BD 217 million) from the USD 533 million (BD 201 million) reported at 31 December 2006. Net interest income for the period was USD 16.9 million (BD 6.4 million), an increase of 28% as compared to the USD 13.2 million (BD 5.0 million) reported over the corresponding period last year.
© 2007 Al Bawaba (www.albawaba.com)
