BMI Bank’s operating income up 6% to BD11.46m

Manama: Bahrain-based BMI Bank, a subsidiary of Al Salam Bank–Bahrain, reported total operating income for the half year of BD11.46 million as compared to BD 10.78 million reported during the corresponding period in 2013, an increase of over 6%.

The bank announced its financial results for the first half ended 30th June 2014 with total assets and total loans and advances at the end of the period stood at BD 0.76 billion and BD 0.37 billion, respectively, as against BD 0.73 billion and BD 0.37 billion at the end of 2013. Whilst the Bank’s underlying business continues to be robust and profitable, the net results for the first half of 2014 reflect a loss after provisions of BD 3.1 million as compared to a net profit of BD 0.54 million reported during the same period in 2013 due to the provision of a one-off merger related operating expense taken during the first quarter of the year. The net profit for the 2nd quarter of the year stood at BD 1.1 million compared to BD 0.20 million reported during the corresponding period in 2013.

Customer deposits grew from BD 0.53 billion as at the end of 2013 to BD 0.55 billion at the end of the second quarter of 2014 at an annualized growth rate of 9.5%.

“I am pleased with the progress made by our business during the first half of the year. Our performance reflects a robust and profitable core business with positive momentum achieved across all our business units within Bahrain, Qatar as well as at our associate in Kenya, Gulf African Bank (21.33% owned by BMI Bank) through the support of both existing and new customers,” Jamal Al-Hazeem, Director and Chief Executive Officer of BMI Bank, said.

“The Bank has made considerable progress in finalizing the operational aspects of its business combination with Al Salam Bank – Bahrain. As part of the immediate set of benefits rolled out, customers of both Banks can now take advantage of a waiver on charges on cash withdrawals and balance inquiries made at over 46 BMI Bank and Al Salam Bank – Bahrain ATMs across the country. Additionally, transfer of funds between both Banks is now free of cost.

“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. Going forward, we will continue to focus on growing our retail and wholesale business along with customer numbers during the year in line with our strategy of consolidating our position as a solid retail bank in Bahrain ensuring genuine value for all our stakeholders.”

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