BMI Bank offers broad range of one-stop financial services

Manama: BMI Bank, a subsidiary of Al Salam Bank Bahrain (ASBB), is offering its customers a dynamic and well-diversified one-stop financial service solution, according to a top official at the bank.

“The services are backed by a strong paid-up capital base, eminent shareholders and a wider range of innovative Sharia Complaint solutions as we finalize the operational aspects of our business combination with ASBB,” Jamal Al-Hazeem, Director and Chief Executive Officer of BMI Bank, said.

The bank earlier announced its financial results for the nine months ended 30th September 2014. Total assets and total advances/financing as at the end of the period stood at BD 0.74 billion and BD 0.37 billion, respectively, as against BD 0.73 billion and BD 0.37 billion at the end of 2013.Customer deposits grew from BD 0.53 billion as at the end of 2013 to BD 0.56 billion at the end of the third quarter of 2014 at an annualized growth rate of 8%.

Whilst the Bank’s underlying business continues to be robust and profitable, the net results for the first nine months of 2014 reflect a loss after provisions of BD 5.70 million as compared to a net profit of BD 0.88 million recorded during the corresponding period in 2013, due to the provision of a one-off merger related operating expense taken during the 1stquarter of 2014 as well as additional provisions on exposures which have not performed as expected.

The net loss for the 3rdquarter of 2014 stands at BD 2.59 million as compared to a net profit of BD 0.34 million achieved during the corresponding period in 2013. The total operating income for the first nine months was BD 18.19 million as compared to BD 16.50 million reported during the corresponding period in 2013 representing an increase of 10%. The Bank continues to maintain a healthy loan to customer deposit ratio of 67%.

“At BMI Bank, we continue to maintain an excellent Capital Adequacy Ratio of over 15% with strong liquidity and a portfolio of unique and innovative products and services. In line with our commitment towards maintaining higher levels of prudency in our business, we have increased our provisions on certain corporate customers and as a result of these non-cash charges, our preliminary results reflect a loss after provisions of BD 2.59million for the third quarter of 2014 and BD 5.70million for the first nine months of the year,” Al Hazeem, added.

“To ensure our customers benefit from the best profit rates, products and services through our merger with Al Salam Bank Bahrain, we have continued to focus on streamlining our business as we convert it to a Sharia Compliant one. As part of this process, the branch timings across both BMI Bank and Al Salam Bank- Bahrain branches in Bahrain have recently been revised to reflect standardized working hours to better serve our customers across the network.”

“We also recently announced an extension to our successful alliance with Tamkeen that provides Sharia Compliant financing for enterprises including startups, within the local private sector through a fourth contribution of BD10 million expanding our total contribution towards the scheme to BD 40 million.”

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