BMI Bank reports quarterly loss
Bahraini retail and commercial lender, BMI Bank has posted a loss after provisions of BD4.3m ($11.4m) for the first quarter ended March 31 this year, compared with a net profit of BD340,000 ($901,738) during the same period last year, Gulf Daily News has reported. The provisioning was for a one-off merger-related operating expense. Customer deposits grew from BD530m as at the end of last year to BD580m at the end of the first quarter at an annualised growth rate of 20%. Total assets and total loans and advances as at the end of the first quarter this year stood at BD800m and BD380m respectively, as against BD730m and BD380m at the end of last year.