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.