Flip through the latest issue of Gulf Weekly.
Bahrain-based BMI Bank, an associate of BankMuscat, announced a net profit of $1.4 million (BD527,201) for the first quarter ended March 31, 2009.
Total loans and advances stood at $1.2 billion as compared to $1.3 billion at the end of December 31, 2008.
Speaking on the bank's performance, Andrew Bainbridge, CEO 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."
