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BMI Bank releases 2011 year end financial results

Registers second straight quarterly net profit

Maintains an excellent capital adequacy ratio at over 19%

February 2^nd 2012 Manama, Bahrain: Bahraini retail and commercial banking institution, BMI Bank today announced its financial results for the fiscal year ended 31^st December 2011. The Bank reported a net profit of BD 0.55 million post provisions for the fourth quarter of the year as compared to a loss of BD 7.8 million during the same period in 2010. The Bank posted a net loss of BD 3.38 million post provisions for the year 2011 as compared to a net loss of BD 26.5 million during the corresponding period in 2010.

Commenting on the Bank's results, Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said:

"2011 was a year of transformation for BMI Bank , with an emphasis on transparency, product innovation, stronger levels of customer service and openness; all key elements in realizing our objective of significantly increasing our market share within Bahrain whilst continuing to compete effectively. We have begun to witness the rewards of continuing our investment in our people, brand, system, product and services as reflected in both our net profits for the second half of 2011 as well as our position as a key player amongst local retail and commercial banks within the country.

Our transformation began in earnest at the start of 2011 with the roll out of several customer-centric products and services including the revamp of our flagship retail product Ayadi which witnessed tremendous growth in the portfolio. This was followed by a campaign announcing our refreshed brand identity under a new tag line, "better, together" to strengthen our position as an entirely customer and customer-service driven bank. We also opened three new branches, including one on the 16th floor of the Bahrain World Trade Center to cater to our high net-worth clients growing our branch network to ten and our ATM network to thirty during the year. Further to the launch of our state-of-the-art core banking system in 2010, we launched two new payment channels for our credit card customers as well as several reward based promotions on our bouquet of retail products.

Our commitment to actively support and sponsor community driven initiatives is paramount in our efforts towards managing a cognizant CSR program. During the year, we continued our support towards a set number of local and community led charities that we partner on a long term basis; Al Sanabel orphans care center, American Mission Hospital's (AMH) community outreach program, the island classic charity golf tournament and think pink Bahrain by committing in excess of BD 80,000 to their causes as well as towards a few other smaller charity foundations within the community at large.

We have been very prudent and conservative in our lending practices as well as in our approach to provisioning during 2011, which we believe positions us well for the year ahead. At BMI Bank , we maintain an excellent Capital Adequacy Ratio of over 19% with strong liquidity and a portfolio of unique and innovative products and services.

We move into 2012 with a renewed commitment to deliver innovative products and services through our retail and commercial banking franchise and will continue to invest in them to better serve our customers. BMI Bank is now well-placed to become a leading retail bank in Bahrain. We have a stable and growing business to leverage on with strong shareholder and customer support. I take this opportunity to thank the Central Bank of Bahrain, our shareholders and customers for their confidence in our capabilities and our staff for their continued commitment and support."

-Ends-

About BMI Bank B.S.C. (c)
Bahraini retail and commercial banking institution, BMI Bank is a retail bank, registered in Bahrain and regulated by the Central Bank of Bahrain offering a full range of retail and commercial banking services. BMI Bank operates in Bahrain through a network of 10 branches and 30 ATMs with net banking for easy access to services.

BMI Bank also operates an Offshore Bank in the Seychelles, a branch in Qatar and has a 21.33% shareholding in Gulf African Bank in Kenya. BMI Bank owns the Diners Club Services Bahrain W.L.L and operates the Diners Club cards franchise in Bahrain. BMI Bank 's shareholders include some of the strongest and most respected financial institutions across the GCC, including BankMuscat.

BMI Bank currently offers its customers a range of retail products and services including savings and current accounts, Ayadi savings account, credit cards including Diners Club and La Carte, a co-branded credit card in partnership with Geant Hypermarket Bahrain, consumer and vehicle loans, mortgages and fixed deposits. In addition to Retail Banking, BMI Bank offers full Premier Banking, Private Banking, Wholesale Banking, Islamic Banking and Treasury services.

For further information, please contact:
Gordon Andrade
Head, Corporate Communications
BMI Bank - Bahrain
E-mail: gordon.andrade@bmibank.com
Cell: +97339782225

© Press Release 2012