Bahrain based BMI Bank (BMI) today announced a net profit of USD 9.7 million (BD 3.7 million) for the nine months ended 30 September 2008, an increase of 12% compared to the corresponding period last year when the Bank recorded a net profit of USD 8.7 million (BD 3.3 million). Total Loans and Advances grew to USD 1.5 billion (BD 547 million) as compared to USD 799 million (BD 301 million) in 2007. Customer deposits grew strongly in the period from USD 576 million (BD 217 million) to USD 968 million (BD 365 million) with this growth rate accelerating in the third quarter.

Commenting on the Bank’s performance at the end of the third quarter of 2008, Andrew Bainbridge, Chief Executive Officer of BMI said:

“I am pleased with our 9 month results which continue to show good growth for our Bahrain operations despite the unprecedented turbulence in global financial markets. Underlying the headline figures are start up costs for our offshore business in Seychelles, our first international branch in Qatar and our associate in Kenya, Gulf African Bank (21.33% owned by BMI), as well as our network expansion in Bahrain.

We have invested in improving our products and services as well as launching an additional 3 branches and 4 offsite ATMs taking our total network within Bahrain to 7 branches and 14 offsite ATMs. In addition, we launched Sapphire, our Premier Banking service and acquired Diners Club, a premium brand card issuing and acquiring business. These investments benefit our customers as we grow.

Our success, going forward, will depend on how we manage our three pillars of customer service, infrastructure and control.”

Net interest income for the period was USD 29.5 million (BD 11.1 million), an increase of 74% as compared to the USD 16.9 million (BD 6.4 million) reported over the corresponding period last year.