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BMI H1 net profit up by 34%
BMI 21 July 2006... The Manama, Bahrain, July 18, 2006: BMI today announced a net profit of BD 1.9 million (USD 4.9 million) for the first half ended 30 June 2006, an increase of 34% as compared to the corresponding period last year when the Bank recorded a net profit of BD 1.4 million (USD 3.7 million). Loans and Advances stood at BD 204 million (USD 541 million) as compared to BD 119 million (USD 316 million) at 30 June 2005.
Speaking on the Bank’s performance, Abbas Al Derazi, Acting General Manager of BMI said:
p>“BMI was set up with a clear purpose; to provide our customers with a range of quality products and services and deliver a profitable, sustainable and consistently growing performance. Our first half results bear testament to this and I am pleased with the team’s performance. We have a strong and effective strategy in place and our Brand continues to grow from strength to strength. Our strategic 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. Going forward, we will continue to invest, as planned, in our brand, infrastructure and people, to create value for our stakeholders”.
Total assets stood at BD 296 million (USD 785 million) and rose by 73% over the BD 171 million (USD 455 million) recorded at the end of June 2005. Return on Equity (ROE) stood at 15.04% while Earnings Per Share (EPS) was 0.186 fils (0.49 cents).
“The ongoing enhancement and expansion of our ATM network within the country and the launch of our fourth domestic branch in the next few months will serve to bring us closer to our customers in the second half of the year. I take this opportunity to thank our shareholders, customers and staff for their continued commitment and support.” Abbas Al Derazi added.
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