Bahrain based BMI Bank, an associate of BankMuscat, today announced a net profit of USD 1.38 million for the first quarter ended 31 March 2009. Total Loans and Advances stood at USD 1.2 billion as compared to USD 1.3 billion at the end of 31 December 2008.

Speaking on the Bank’s performance, Andrew Bainbridge, Chief Executive Officer of BMI said:

“I am pleased with our first quarter results achieved against a tough operating environment which we believe will continue to remain difficult and challenging. We have prudently reduced our cross border exposure whilst continuing to grow within the Kingdom. We have top class Capital Adequacy and our strong liquidity gives us added security as well as the ability to support our customers.

During the first quarter of the year, we continued to grow customer numbers and ran a successful personal loan campaign as well as significantly upgraded our Al Mazyona prize scheme providing customers more chances to win.

We were recently awarded the Bahrain e-Content Award 2009, for our online platforms recognizing easy usage of our comprehensive e-banking services in a safe and secure environment. We have started to renew our IT platform to enable us to offer our customers timely execution, better information flow and sophisticated products. In addition we will shortly roll out our new Chip & PIN (EMV) debit and credit cards, as well as our extended opening hours at all branches enabling customers to bank at their convenience.”