BMI posts results for the first quarter
• Net profit of USD 4.2 million (BHD 1.6 million)
Bahrain based BankMuscat International (BMI) today announced a net profit of USD 4.2 million (BHD 1.6 million) for the first quarter ended 31 March 2008, an increase of 24% compared to the corresponding period last year when the Bank recorded a net profit of USD 3.4 million (BHD 1.3 million). Total Loans and Advances stood at USD 933 million (BHD 352 million) as compared to USD 865 million (BHD 326 million) at the end of March 2007. Total assets stood at USD 1,632 million (BHD 615 million) and rose by 65% over the USD 991 million (BHD 374 million) 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 USD 352 million (BD 133.5 million), an increase of 247% from the USD 102 million (BD 38.5 million) as at 31st December 2007. The increase, a result of a fresh injection of USD 250 million (BD 95 million) 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
