BMI Bank announced a net profit of $0.8 million (BD0.3 million) for the first half of the year ended 30th June 2012, as compared to a net loss after provisions of $13.7 million (BD 5.2 million) recorded over the corresponding period in 2011. The Bank continues to maintain an excellent Capital adequacy ratio of over 18%.
“I am pleased with our financial results; our fourth straight net quarterly profit demonstrating both the effectiveness of our refreshed strategy and the sound progress we have achieved against it. We have continued with our earnings momentum, which stems from our many growth and productivity initiatives across all our business lines,” Jamal Al-Hazeem, Chief Executive Officer of BMI Bank, said, while commenting on the bank’s first half results.
“We have also seen good growth in our core business especially in the second quarter of the year as reflected by the 16% increase in customer deposits and the corresponding growth in loans and advances. Customer growth, both in terms of new accounts opened and additional customers added has also registered an increase during the first half of 2012 reflecting the positive acceptance of our various promotions and product innovations, which we believe, has managed to create a better value proposition that both offers them a competitive product and rewards them for their loyalty,” he added.
In line with our strategy of developing a stronger retail banking business, we rolled out several customer-centric initiatives during the second quarter of the year including e-statements, a special promotion on our Salaf personal loans product, an international spends reward-based promotion for our Visa credit card customers along with inaugurating a new offsite ATM at the prestigious Moda Mall located at the Bahrain World Trade Center amongst others.
In line with our ongoing commitment towards building a stronger CSR program and giving back to the community we operate within, we have donated close to BD 24,000 since the beginning 2012 towards various charities including our annual commitments to the American Mission Hospital’s Community Outreach Program, Al Sanabel Orphans Care Center, the Muharraq Social Welfare Centre, Bahrain Red Crescent Society, Bahrain Disabled Sports Federation, Al Noor Charity Welfare and the Children & Mother’s Welfare Society amongst others.
“Our commitment to transparency and quality of service is recognized by both our customers as well as our peers as seen from the multiple awards received this year for our service as well as online platforms helping to consolidate our position as well as perception within Bahrain as a key local retail Bank,” he said.
“We move into the second half of the year equipped with an excellent Capital Adequacy Ratio of over 18%, strong liquidity and a portfolio of unique and innovative products and services aimed at providing our ever increasing customers with valuable and competitive financial solutions that exceed their expectations. We will strengthen our network within Bahrain through the roll out of a further 2 branches and 4 offsite ATMs as well as introduce a significant upgrade to our online banking service that will help in consolidating our position as a strong Bahraini retail Bank. We are committed to providing our growing customer base with the finest financial solutions resulting in enhanced customer delight as we continue to build value for both our shareholders and customers.”
The Bank had earlier posted a net profit of $0.4 million (BD 0.15 million) for the first quarter of 2012.