BMI 02 May 2006...  Bahrain based BankMuscat International (BMI) today announced a net profit of USD 2.4 million (BD 0.88 million) for the first quarter ended 31 March 2006, an increase of over 45% as compared to the corresponding period last year when the Bank recorded a net profit of USD 1.62 million (BD 0.61 million). Total Loans and Advances stood at USD 451 million (BD 170 million) as compared to USD 299 million (BD 113 million) during the corresponding period last year.

Total assets stood at USD 729 million (BD 275 million) and rose by 63% over the USD 449 million (BD 169 million) recorded at the end of March 2005. Return on Equity (ROE) stood at 14.6% while the Earnings Per Share (EPS) was 0.47 cents (0.177 fils)

“Our first quarter results are consistent with our strategy of steady and consistent growth. I am glad to share that we have recently started rolling out our offsite ATM network and are well on the way to launching our 4th branch in the Kingdom. BMI is committed to providing its growing customer base with the finest of banking products and services that will result in enhanced customer delight.”

BMI posted strong financial results for the year ended 31 December 2005, during which the Bank announced a net profit of USD 10.87 million (BD 4.1 million). Total assets for the year grew by 46.4% to USD 659.6 million (BD 249 million) while loans and advances grew by 58% to USD 467.6 million. Return on Equity (ROE) for the year stood at 18.6%. Earnings Per Share (EPS) for the year stood at 205 fils.