BMI 21 April 2007...  BMI today announced a net profit of USD 3.4 million (BD 1.28 million) for the first quarter ended 31 March 2007, an increase of 44% as compared to the corresponding period last year when the Bank recorded a net profit of USD 2.4 million (BD 0.89 million). Total Loans and Advances stood at USD 865 million (BD 326 million) as compared to USD 451 million (BD 170 million) during the corresponding period last year.

Total assets stood at USD 992 million (BD 374 million) and rose by 36% over the USD 729 million (BD 275 million) recorded at the end of March 2006. Return on Equity (ROE) stood at 17.4% while the Earnings Per Share (EPS) was 0.68 cents (0.256 fils)

Speaking on the Bank’s performance, Abbas Al Derazi, General Manager of BMI said:

“BMI has consistently delivered high levels of profitability and our first quarter results once again bear testimony to that. Our strong performance can be attributed to the significant growth in our loan portfolio, amongst others, which has seen an increase of 92% from the first quarter of 2006. In line with our strategy for 2007, we will continue to invest in our brand, infrastructure and people, to create value for our stakeholders. The enhancement of our Retail Banking network through the recent launch of a new branch in Budaiya as well as 2 new offsite ATMs at seef and central market further demonstrates our commitment to providing our customers with effective and convenient banking solutions.”

BMI recently reported a strong performance for the year ended 31 December 2006 announcing a net profit of USD 13.5 million (BHD 5.1 million) an increase of 25% as compared to the previous year. Total assets grew by 45% to USD 960 million (BHD 362 million) while net loans and advances grew by 61% to USD 751 million (BHD 283 million). Return on Equity (ROE) for the year stood 2006 at 19.2% while the Earnings Per Share (EPS) stood at 255 fils.

BMI currently offers its customers a range of retail products and services including SME Banking, Mortgage, Consumer and Vehicle Loans, Credit cards, savings and current accounts. In addition to Retail Banking, BMI offers Corporate Banking, Private Banking, Islamic Financial Services, Global Trade Services, Financial Institutions & Correspondent Banking and Treasury Services.