BMI Bank swings back into profitability in 2012

Jamal Al Hazeem CEO BMI Bank
Jamal Al Hazeem CEO BMI Bank
Bahrain-based BMI Bank retail and commercial banking institution swung back into profitability after five years announcing a net profit of $1.3million for the fiscal year ended 31st December 2012 as compared to a net loss of $9 million during the corresponding period in 2011.

The total income for the period was $56.2 million. Total assets grew by 21% to $2 billion as compared to $1.65 billion in 2011, while customer deposits increased by 30% from $1.09 billion in 2011 to $1.42 billion in 2012. Total loans and advances grew by 42% to $1.32 billion during 2012. The bank reported net interest income for 2012 increased by 14% to $41 million, from $36 million in 2011. The Bank posted a net profit of $334000 post provisions for the fourth quarter of the year as compared to a net profit of $1.5 million during the same period in 2011.

“I am pleased to report a net profit of USD 1.3 million for 2012 which represents our sixth straight quarter of profitability. This also reflects a healthy growth in our core business as indicated by the 30% increase in customer deposits and 42% growth in loans and advances,” Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said.

“In line with our commitment towards product and service innovation aimed at attracting the financial interest of both existing and potential customers, we rolled out several key initiatives in 2012 including a refreshed Ayadi Savings Scheme, two long term bancassurance products, a Visa platinum credit card with Gulf Air miles awarded on purchases, a new branch in Tubli along with 4 new offsite ATMs, an upgraded eBanking service for our retail customers and a new phone banking service amongst others.

“As a prominent local Bank, we believe it is our responsibility to play a leading role in assisting our loyal customers better manage their finances. With this in mind, we signed several strategic partnerships with leading organizations within Bahrain including Bahrain Air, Arabian Sugar Company, Credimax and Tamkeen aimed at providing our customers with unique opportunities that complement the bouquet of products and services that we offer.”

“We have now begun to witness the rewards of our continued investment in our people, brand, system, product and services as reflected in our position as a key player amongst local retail and commercial banks within the country. At BMI Bank, we continue to maintain a Capital Adequacy Ratio of over 18% with strong liquidity and a portfolio of unique and innovative products and services.”

“Our focus on growing our business along with customer numbers will continue, backed by our excellent capital position and strong liquidity. We have a stable and growing business to leverage on with strong shareholder and customer support.”

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