Flip through the latest issue of Gulf Weekly.
BMI Bank (BMI), the Bahrain-based associate of BankMuscat, announced a net profit of $2.4 million (BD900,000) for the first quarter ended March 31, an increase of 73 per cent over the corresponding period last year when the bank recorded a net profit of $1.4 million. The bank's capital adequacy ratio further strengthened to over 23 per cent.
Announcing the first quarter results for 2010, Andrew Bainbridge, Group CEO of BMI, said: "I am pleased with our first quarter's performance as we continue to transform the business into a strong retail, SME and commercial banking business whilst also growing customer numbers. Our results show good growth across our operations in Bahrain, Qatar and the Seychelles with the underlying business continuing to do well across all segments."
Bahrain CEO named
BMI Bank (BMI) announced the appointment of seasoned Bahraini banker Jamal Ali Al Hazeem, pictured right, as the new Bahrain CEO with immediate effect.
Mr Al Hazeem will be reporting to Andrew Bainbridge who becomes the Group CEO and takes on the responsibility of overseeing the bank's expansion plans as well as its international operations.
Mr Al Hazeem was the managing director of Arthur Andersen-Bahrain for 22 years before being appointed CEO of the Economic Development Board in 2000. Later he worked in Kuwait with The International Investor and returned to Bahrain in 2007 as CEO for First Investment Bank.
GFH cuts losses
Gulf Finance House (GFH) announced a net loss of $7.5 million for the first quarter of 2010 compared to a loss of $37.7 million for the corresponding period last year. GFH's total income for the quarter was $18.5 million compared to $49.5 million in 2009. This improved performance during the quarter reflects the restructuring efforts taken by management, said chairman Esam Janahi.
