BMB stems losses

01 February 2002

BMB Investment Bankis starting to make headway in its efforts to recover from the heavy losses incurred in 2000, the latest set of figures issued by the Bahrain-based finance house show.

BMB has reported a net loss of $15.6 million for 2001, compared with a loss of $57 million the previous year, when it was particularly hard hit by the collapse of tech stocks in the US.

The bank carried out a restructuring programme during 2001 with the aim of reducing its costs. Most of the losses for the full year came in the first quarter (MEED 10:8:01). Over the full year, its long-term investment portfolio showed a profit of $2.9 million, compared with a $2.9 million loss in 2000.

BMB's assets fell by 18 per cent over the year to $513 million from $623 million at the end of 2000.

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