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25% increase in Net profit for 2006
BMI 11 February 2007... Bahrain based, BankMuscat International (BMI) announced today a net profit of USD 13.5 million (BHD 5.1 million) for 2006, an increase of 25% as compared to the last year when the Bank recorded a net profit of USD 10.9 million (BHD 4.1 million).. The Return on Equity (ROE) for the year was at 19.2%, an improvement from the 18.6% reported at December 2005. The Earnings per Share (EPS) increased to 255 fils as compared to 204 fils reported at December 2005.
Speaking on the Bank’s performance, Abbas Al Derazi, General Manager of BMI said:
“2006 was a year to consolidate and sustain our performance and position within Bahrain and I am delighted to mention that BMI delivered on that promise while attaining excellent returns in all core business areas. The net profit of USD 13.5 million (BD 5.1 million) was a result of strategic initiatives undertaken by BMI and although it was just our second year of operations, we achieved an ROE of 19.2%.
In line with our strategy for 2007, we will continue to invest in enhancing our bouquet of products and services as well as delivery channels within the country through an enhanced branch and ATM network. With the launch of internet banking we will deliver on our commitment to provide high quality and innovative financial products thereby bringing the bank closer to our customers.”
Total asset grew by 45% to USD 960 million (BHD 362 million) as compared to USD 660 million (BD 249 million) reported in 2005 while the Net Loans and Advances grew an extraordinary 60% to USD 751 million (BHD 283 million) as compared to USD 469 million (BHD 177 million) reported in 2005.
“Going forward, we will continue to invest, as planned, in our brand, infrastructure and people, to create value for our stakeholders. 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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