BMB Investment Bank (“BMB”) announced today its third quarter results for 2006 with a net income of US $2 million as compared to US $0.4 million in the corresponding prior year period. Meanwhile net income for the nine months ended 30 September 2006 stood at US $5.9 million as against US $9.6 million for the same period in 2005.
The Bank’s operating income, before taxes and other expense, stood at US $3.4 for the third quarter and at US $11.9 million for the full nine months.
BMB continues its prudent approach to expense control with total operating expenses declining by over 23% to US $5.4 million in the first nine months of the year versus almost US $7 million in the same period in 2005.
The Bank’s total shareholder equity increased by over 16% from US $27.2 million at the end of 2005 to US $31.7 million at the end of September 2006 with a capital adequacy ratio of 15.9%. Meanwhile the Bank’s assets at 30 September 2006 stood at US $158.6 million as opposed to US $168.4 million at the end of 2005 mainly due to the repayment of liabilities.
In commenting on the results the Bank’s Chairman, Mr. Wilson Benjamin, said:
“It is extremely gratifying to see our hard work and determination yield such solid and consistent results. Our strategy has clearly put us on a strong path of growth and profitability and we look forward to the remainder of the year with anticipation for further substantial income.”
Albert I. Kittaneh, Chief Executive, said:
“Our prudent approach to expense management continues to show positive results. In line with the gradual and sustained rebuilding of our business, we have also been intensifying our marketing efforts and have launched several new initiatives that are being received very positively by our customer base. The remainder of the year and beyond will continue to see BMB introduce new product offerings and to expand its investment coverage.”
The Bank’s third quarter report can be obtained through the Bank’s web site at www.bmb.com.bh.
Bahrain Middle East Bank (BSC) was established as an Offshore Banking Unit in 1982. The Bank’s shares are listed on the Bahrain Stock Exchange under (BMEB.BH) and are held by shareholders across the GCC.
