BMI Bank on Sunday reported a net profit of $2.34 million for the three quarters ended 30th September 2013, an increase of 141 % as compared to a net profit of $1 million recorded over the corresponding period in 2012.
The Bank recorded a net profit of $0.9 for the third quarter as compared to a net profit of $ 0.2 million reported during the same period in 2012. The total income for the nine months was $43.79 million as compared to $41.59 million reported during the corresponding period in 2012, primarily driven by a 10.5% increase in net interest income which grew from $30.66 million recorded during the first nine months of 2012 to $33.88 million in 2013.
“I am pleased to report our ninth straight net quarterly profit, which once again reflects the effectiveness of our continued emphasis on product and service innovation as well as stronger levels of customer service,”
Announcing the results, Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said.
During the 3rd quarter we launched a Salaf loans promotion and have been encouraged with the overwhelming response from customers which translated into a 58% net growth in sales as compared to the previous quarter. Additionally the response to our revised term deposits rates have been positive as seen from the growth in the portfolio by 12% during the quarter.
In line with our commitment to provide customers with financial solutions that better suit their needs whilst rewarding them for their loyalty, we enhanced our La Carte credit card offering to include a promotional 0% installment for 6 months on any electronic purchase worth BD 50 or more at Geant Hypermarket. A promotional 1% interest is also available to customer wishing to avail either a 12 month or an 18 month installment plan. We will soon be unveiling two rewards-based promotions on our other credit cards which include the Diners Club range of cards and our Platinum Credit card.
“The Bank’s Board of Directors has been in discussions with Al Salam Bank Bahrain (ASBB) regarding a business combination between the two Banks. On 8th October 2013, ASBB held its Extraordinary General Meeting (EGM) whereby their shareholders approved the business combination. BMI Bank is scheduled to hold its EGM on the 7th of November, 2013.
“Going forward, we will continue to provide our customers with a range of financial solutions through quality products and services that deliver a profitable, sustainable and consistently growing performance creating genuine value for all our stakeholders.”
Total assets as well as total loans and advances at the end of the third quarter of 2013 stood at $2 billion and $1.27 billion, respectively. Customer deposits grew at an annualized growth rate of 10.7% from $1.42 billion recorded at the end of 2012 to $1.53 billion as at 30th September 2013.