Bahrain based BMI Bank (BMI), an associate of BankMuscat the largest financial services provider in Oman, today announced a net profit of USD 2.49 million (BD 0.94 million) for the three months ended 30 September 2009, an increase of 8% as compared to the USD 2.31 million (BD 0.87 million) reported over the corresponding period last year. Net interest income for the period was USD 10.59 million (BD 3.99 million). The net loss for the nine month period ended September 2009 was USD 12.29 million (BD 4.63 million)
Commenting on the Bank’s performance, Andrew Bainbridge, Chief Executive Officer of BMI said:
“I am pleased with our 9 month results which show good growth for our operations with the underlying business continuing to do well despite ongoing uncertainties in global financial markets. We have excellent Capital Adequacy at over 25%, and our strong liquidity gives us added security as well as the ability to support our customers. Our recent rating affirmation by Moody’s is a reflection of the prudent steps taken by us since the 4th quarter of 2008.
We will continue to grow our franchises in Retail, SME and Commercial Banking across Bahrain, Qatar, Seychelles and Kenya, whilst at the same time maintaining our strong growth in net new customer numbers. We remain cautious overall in our assessment of the business environment and while we haven’t seen any further deterioration in our portfolio, we currently expect to take further provisions on corporate exposures that we had announced earlier this year, by the end of the year.”
Moody’s Investors Service (Moody’s) recently affirmed the banks credit ratings at ‘Baa2/P-2’ with a ‘stable’ outlook. The bank financial strength rating (BFSR) was also reaffirmed at ‘D+’.