(MENAFN Press) Bahrain Middle East Bank (B.S.C) today announced the results forits ninemonths period ended30 September, 2012reporting 61%growth in net income to reach US 1.8 million as compared to US 1.1 millionin the same period2011.Highlights of performance for the periodincluded:
Total income of US 7.4 million as compared to US 7.0 in the same period 2011
Net profitof US 1.8 millionas compared to US 1.1 million for the 9M-2011. Net income for the three month period ended 30 September 2012 amounted to US 0.03 million (Q3-2011: losses of US 0.9 million)
Reflecting all round cost improvements, total expenses for the periodwere US 5.3 million as compared to US 5.8 million in the corresponding period of2011 - representing a further 10% saving.
Capital adequacy continued to remain strong29.9% - continuing to show further improvement increasingfrom28.1% at end June 2012, 24.7% at end-2011,and 23.3% as at end-2010
Commenting on the results of the Bank -Wilson S. Benjamin - Chairman of the Bank said that:
"We arevery pleased with the exceptional results of the Bank and itscapacity to consistently deliver an all-round performance despite the challenging global and regional economic uncertainties.
This bears evidence to itsviability, depth,diversity and scope of itsbusiness modeland an ability to consistently deliver an improving performance despite its modest size and resources.
With legacy debt repayment substantially repaid and now drawing to a close, we remain excited about the Institution's promising future"
Commenting on the results of the Bank - Akbar Habib - Chief Executive Officer and Executive Director of the Bank said that:
"The qualitative shift in earnings hasdemonstrated the dynamism and relative resilience of its business model and earning streams and, as a result, hasgeared the Bank withstand volatilities prevalent in present financial markets.
The Bank's outlook is promising, and if necessary conditions permitting, it could potentially carve itself as a niche regional financial services provider to be reckoned with"