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BMI announces record 3rd Quarter results
BMI 30 October 2006... Manama. 30th October, 2006: BMI today announced a net profit of USD 8.9 million (BHD 3.4 million) for the nine months ended 30 September 2006, an increase of over 29% as compared to the corresponding period last year when the Bank recorded a net profit of USD 6.9 million (BHD 2.6 million). Total Assets stood at USD 937 million (BHD 353 million), a growth of 42% over the USD 660 million (BHD 249 million) reported at 31 December 2005.
Total Loans and Advances stood at USD 725 million (BD 273 million) which represents a growth of 55% as compared to the USD 468 million (BD 176 million) reported at 31 December 2005. This growth was largely funded by increased Customer Deposits which grew by 53% to reach USD 569 million (BHD 214 million) from the USD 372 million (BHD 140 million) reported at 31 December 2005. The net interest income stood at USD 13.2 million (BHD 5.0 million) for the period, an increase of 47% as compared to the USD 9.0 million (BHD 3.4 million) reported over the corresponding period last year.
Commenting on the Bank’s performance at the end of the third quarter of 2006, Abbas Al Derazi, Acting General Manager of BMI said:
“Our third quarter results reflect a performance in line with our expectations at the beginning of the year. Our strategy, which we began implementing at the beginning of the year has already started yielding the right results, as we continue to build value for our shareholders and clients. We have significantly increased our loans and advances while maintaining a high level of asset quality.
During the last quarter we successfully launched our SME banking unit as well as announced the market launch of our Visa Credit cards. In addition, we began rolling out our offsite ATM network strategically located at - American Mission Hospital, Jawad Dome and the departures lounge at the Airport. The response we received has been very satisfying and we will continue to bring in new products and services in line with our strategy.
BMI is committed to providing its growing customer base with the finest of banking products and services and our performance demonstrates the continuous efforts we are making towards fulfilling that commitment.”
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