BMI 09 November 2005...  Bahrain based, BankMuscat International (BMI), launched in January this year, announced today a net profit of BD 2.6 million (USD 6.9 million) for the first nine months ended 30 September 2005.

The Return on Equity (ROE) for the same period stood at an outstanding 16.3%, an improvement from the 14.3% reported at June 2005. The Earnings per Share (EPS) increased to 174 fils as compared to 139 fils reported during June 2005.

“Given that this is our first year of operation, I am pleased with our performance. Our return on equity of 16.3% is really remarkable and rates amongst the highest in the local market. One of our key focus areas during the first year is to ensure high profitability by introducing unique financial solutions to our customers across the region through all key business lines and we are well on our way to achieving that ” said Musallam Al Shukairi, CEO of BMI.

BMI’s net profit has been on the rise over the past nine months. The introduction of new products and services catering to the retail and corporate sectors as well as the expansion of the retail operations has helped increase profitability. During the current quarter, BMI reported a net profit of BD 1.2 million (July to September 2005), an increase of 53% compared to BD 0.8 million for the previous quarter (April to June 2005)

Total assets amounted to BD 205 million (USD 544 million) compared to BD 171 million (USD 454 million) reported at June 2005. The total loans and advances stood at BD 152 million (USD 403 million) compared to BD 119 million (USD 322 million) reported at June 2005.