BMI Bank has posted net profit of $8.8 million (BD3.3m) for the fiscal year ended on 31 December 2013, an increase of 577 per cent against the corresponding figures of 2012. The bank also posted net profit of $6.5m (BD2.4m) post provisions for the fourth quarter of the year compared to the net profit of $0.3m (BD0.1m) recorded during the same period in 2012. The total income for the period touched $61.4m (BD23.1m) against the previous year's $56.2m (BD21.2m). Total assets at the end of 2013 stood at $1.9 billion (BD0.7bn), while the net interest income increased by 10.7pc to $45.6m (BD17.2m) from $41.2m (BD 15.5m). Announcing the bank's second full-year of profitability and the tenth straight net quarter of profit yesterday, Chief Executive Officer of BMI Bank Jamal Al-Hazeem said that the bank emphasised on product innovation, customer service and transparency while increasing their brand equity and market share in Bahrain through a slew of new promotions, initiatives and partnerships to maximise the returns of shareholders. "The profit testifies a healthy growth in the bank's core business as the loan to customer deposit ratio stands at a healthy 71pc. In 2013, we repaid $80m syndicated term loan facility six months before the scheduled due date, without the need to refinance or rollover. The bank also enjoys excellent liquidity and a capital adequacy ratio at over 16pc. "In 2013, the bank successfully controlled operating expenses, reduced cost of funds and improved yield through appropriate product pricing and better control on asset quality," he added.