Excellent capital adequacy ratio at over 19%
May 2nd, 2012, Manama, Bahrain: Bahraini retail and commercial banking institution, BMI Bank today announced a net profit of USD 0.4 million (BD 0.15 million) for the first quarter ended 31 March 2012, as compared to a net loss after provisions of USD 4.5 million (BD 1.7 million) recorded over the corresponding period in 2011. Total assets stood at USD 1.8 billion (BHD 0.7 billion) and rose by 20% over the USD 1.5 billion (BHD 0.6 billion) recorded at the end of March 2011. The Bank maintains an excellent Capital adequacy ratio at above 19%. In addition, the Bank has witnessed healthy growth in both its loan portfolio and customer's deposits as a result of several key reward-based promotions and services that were rolled out during the period.
Speaking on the Bank's first quarter performance, Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said:
"I am pleased with our first quarter financial results; the third consecutive net quarterly profit for our Bank, achieved against a tough operating environment which we believe will remain difficult and challenging. Our performance reflects the positive momentum achieved across all our business units within Bahrain, Qatar and Seychelles 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.
In line with our core strategy of developing a stronger retail business within Bahrain, we launched several reward based promotions on our bouquet of products including a 'swipe to spin and win' promotion on our range of credit cards. We refreshed our flagship retail savings scheme Ayadi to bring in bigger 'life-changing' prize money during the three Eids and rolled out two new products in Bancassurance, demonstrating our commitment to provide customers with valuable and competitive financial solutions that exceed their expectations.
During the quarter we were also honored with three prestigious awards for our online channels at the 3rd Pan Arab Banking Web Awards as well as with a J.P. Morgan Chase - Straight Through Processing (STP) award for 2011 in recognition of our superior quality and consistently high performance in the area of international money transmissions and diligent processing of payments. This has helped to consolidate our position as a key player amongst local retail and commercial banks within the country.
Our priorities for the business going forward remain unchanged. Backed by our excellent capital position and strong liquidity we will continue to invest in our business, brand and people to consistently deliver innovative products and services as we grow our branch and ATM network further consolidating our position as a strong Bahraini Bank."
BMI Bank currently offers its customers a range of retail products and services including Super current account, Ayadi savings account, credit cards including Diners Club and La Carte, a co-branded credit card in partnership with Geant Hypermarket Bahrain and the Salaf range of personal, auto and mortgage loans. In addition to Retail Banking, BMI Bank offers Wholesale Banking, Private Banking, Islamic Banking and Treasury services.
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 (CBB). The Bank offers customers a complete range of innovative and unique financial products and services through its extended network of strategically located branches and ATMs. The Bank's multi-award winning online channels including its corporate website www.bmibank.com.bh were recently honored with three prestigious awards at the 3rd Pan Arab Banking Web Awards - 2012. In addition, the Bank also received a J.P. Morgan Chase - Straight Through Processing (STP) award for 2011 recognizing its superior quality and consistently high performance within the area of international money transmissions and diligent processing of payments. This has helped to consolidate the Bank's position as well as perception within the country as a key local retail Bank.
BMI Bank also operates an international branch in Qatar, an Offshore Bank in the Seychelles (a joint venture with Nouvobanq) and has a 21.33% shareholding in Gulf African Bank - Kenya. In addition, BMI Bank owns 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 (SAOG) the flagship financial institution in the Sultanate of Oman. With assets worth over USD 18 billion, BankMuscat (SAOG) is the leading financial services provider in Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management.
BMI Bank currently offers its customers a range of retail products and services including savings and current accounts, USD 1.69 million prize-winning Ayadi savings account, credit cards including Diners Club and La Carte, a co-branded credit card in partnership with Geant Hypermarket Bahrain, fixed deposits and the Salaf range of personal, auto and mortgage loans. The Bank recently signed a strategic and exclusive service agreement with CrediMax, the leading credit card acquirer in the Kingdom of Bahrain, to utilize their Point of Sales (POS) machines as well as payment gateways amongst its approved merchants to accept and authorize the Bank's credit card product - Diners Club cards within Bahrain by the end of the year thereby giving the brand 100% acceptance across the country.
In addition to its secure credit card online repayment channel that enables customers of the Bank to pay their credit card bill online using any benefit enabled debit card, customers can also deposit real-time cash into their various accounts with the Bank using special cash and cheque deposit ATMs located at the self-service area within the Bank's branches without the need to be committed to the Bank's working hours.
In addition to Retail Banking the Bank also offers 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: +973 39782225
© Press Release 2012
