The Bank posted a net profit of $6.5 million (BHD 2.4 million) post provisions for the fourth quarter of the year as compared to a net profit of $0.3 million (BHD 0.1 million) during the same period in 2012. The total income for the period was $61.4 million (BHD 23.1 million) as compared to $56.2 million (BHD 21.2 million) reported during the corresponding period in 2012. Total assets at the end of 2013 stood at $1.9 billion (BHD 0.7 billion). The Bank’s net interest income for 2013 increased by 10.7 per cent to $45.6 million (BHD 17.2 million) from $41.2 million (BHD 15.5 million) in 2012.

Announcing the record profit, Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said: “Following our full-year return to profitability in 2012; the first time in the last five years, we moved into 2013 equipped with an excellent Capital Adequacy Ratio, strong liquidity and a stable and consistently growing business. We continued our emphasis on product innovation, stronger levels of customer service and transparency whilst focusing on significantly increasing our brand equity and market share within Bahrain through the launch of several new promotions, initiatives and partnerships to maximize our shareholders’ returns.”

“Going forward, our focus on growing our business along with customer numbers will continue, backed by our excellent capital position and strong liquidity. 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. We will also work on executing the details of our recently signed Share Purchase Agreement with Al Salam Bank Bahrain (ASBB) as we finalize all aspects of our business combination.”