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Article: Bahrain: BMI Bank's operating profit rises 20 per cent.(Financial report)
- Article from:
- TendersInfo
- Article date:
- July 25, 2009
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Byline: babalu03
Bahrain-based BMI Bank (BMI) had a strong start to the year with profit up, its customer base continuing to increase, and its overseas operations going into the black.
BMI, associate of BankMuscat the largest financial services provider in Oman, saw operating profit, before provisions, rise by 20 per cent to BD2.1 million ($5.6m), with around BD1.3m of that coming in the second quarter.
"As a result of our exposure to two major family businesses in the GCC which we announced in June and whose defaults have led to uncertainties within the region, we have very prudently raised provisions of BD7.8m resulting in a loss after ...