• Net profit of USD 12.9 million (BHD 4.9 million)
• Return on Equity of 14.5%
• Assets cross USD 1 billion

Bahrain based, BankMuscat International (BMI) today announced a net profit of USD 12.9 million (BHD 4.9 million) for the year ended 2007 with a Return on Equity (ROE) for the year of 14.5%.

Speaking on the Bank’s performance, Andrew Bainbridge, Chief Executive Officer of BMI said:

“Overall we have made good progress in growing our assets and liabilities, marking a steady increase in our business in terms of customer numbers and product penetration. We saw significant improvement from 2006 in terms of customer reach, with new and expanded access points for our customers. Our growing network and customer service capabilities support such growth as well as increasing convenience and ease of use for our customers.

Underlying the headline figures are significant investments in improving our product range, operating and risk management capabilities, our share of the start up costs of our associate in Kenya, Gulf African Bank, expenses related to developing our new strategy and to raising further equity to support our near term growth plans. These investments will improve our future capability and geographic reach, benefiting our customers as we grow."

Net interest income increased by USD 5.9 million (BHD 2.2 million) an increase of 32% as compared to 2006 with strong growth in both retail and corporate banking. Total assets grew by 41% to USD 1,353 billion (BHD 510 million) as compared to USD 960 million (BD 362 million) in 2006 while total deposits grew by 29% to USD 1,077 billion (BHD 406 million) as compared to USD 833 million (BHD 314 million) in 2006. Net Loans and Advances grew by 16% to USD 867 million (BHD 327 million) as compared to USD 751 million (BHD 283 million) in 2006.

“Going forward, we will continue to invest, as planned, in our people, infrastructure and brand, to create value for our stakeholders. I take this opportunity to thank the Central Bank of Bahrain, our shareholders, customers and staff for their continued commitment and support.” Andrew Bainbridge added