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Bahrain based BankMuscat International (BMI) announced a net profit of $4.2 million (BD1.6 million) for the first quarter ended 31 March 2008, an increase of 24 per cent compared to the corresponding period last year when the bank recorded a net profit of $3.4 million.
Total Loans and Advances stood at $933 million as compared to $865 million at the end of March 2007. Total assets stood at $1,632 million and rose by 65 per cent over the $991 million recorded at the end of March 2007.
Speaking on the bank's performance, Andrew Bainbridge, chief executive officer of BMI said: "I am delighted with the first quarter results which is consistent with our strategy of delivering top-quartile returns to our stakeholders. Our business units have all displayed positive momentum while our core business continues to grow through the support of both existing as well as new customers. As part of our strategy for 2008 we intend to further consolidate our position within Bahrain through the growth of our teams, network, systems and products and services in order to better serve our customers."
BMI had recently announced an increase in its total equity (share capital and reserves) to $352 million, an increase of 247 per cent from the $102 million as at December 31 2007.
