LONDON: Bank of London and The Middle East plc (BLME), London's leading wholesale Shariah-compliant bank whose main shareholders are Boubyan Bank, National Bank of Kuwait, rebounded in 2010, achieving £5 million profit before tax, compared to a £18.9 million loss in 2009, the bank said in a statement Monday. It posted a total operating income of £40.4 million last year, an increase of 34 percent year-on-year, demonstrating strong growth in the bank's core divisions of markets and corporate banking with a robust performance from the investment in US Dollar Income Fund. Net fee income rose 112 percent to £974,693 year-on-year. However, total assets dropped 6 percent to £712 million, as a result of closer alignment of liquidity resources with customer facing requirements and improved diversification of the Group's liquidity position and funding capabilities, the bank said in a statement. Humphrey Percy, CEO of BLME, said “2010 was a fruitful year for the bank. The return to profitability in 2010 is testament to the increasing diversity and quality of earnings, our cautious cost management structure and our strong risk management practices across divisions. We have demonstrated our ability to create innovative products in a competitive market. We will strive to build on these achievements in 2011, focusing on our ‘one bank' approach to continue to service and develop close relationships with our clients in the UK, Europe, the GCC and South East Asia.”
