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BMI Bank (BMI), the Bahrain-based associate of BankMuscat, Oman, announced its preliminary financial results for the year ended December 31, 2009.
The preliminary results for the fourth quarter of 2009 is a profit pre-provisions and one-off costs of BD1.1 million, a profit pre-provision of BD0.6 million and a loss post provision of BD12.2 million. The results for the year are a profit pre-provision of BD4.5 million and a loss post provision of BD16.8 million.
Andrew Bainbridge, CEO of BMI, said: "I am pleased with the very prudent provisioning we have raised on our corporate portfolio which allows us to move into 2010 with a stronger focus on continuing the growth and transformation of our business.
"Our capital adequacy ratio is one of the strongest in the kingdom at over 22 per cent, whilst our liquidity is excellent, our customer base has increased by over 25 per cent in 2009 and we continue to seek growth."
