BNH net soars 12pc to $14m
Manama, February 26, 2008
Bahrain National Holdings (BNH) said that its net profits increased by 11.6 per cent to reach BD5.28 million ($14 million) last year, compared to BD4.72 million in 2006.
Total insurance premiums for the year were BD27.5 million.
The company's net earned premiums increased by a remarkable margin of 21.4 per cent to BD12.16 million compared to that of 2006.
Total shareholders equity increased by 11.6 per cent to reach BD41m and the return on BNH shares increased to 48.12 fils per share last year compared to 43.99 fils in 2006.
BNH chairman Ali Hussain Yateem said that the group has a diversified investment portfolio and follows a prudent asset management policy to reduce the impact of fluctuations in local and international markets on its investments.
This prudent policy enabled BNH to realise a significant growth in its investment income last year, he said.
The net investment income grew by an incredible margin of 82 per cent to reach BD4.49 million compared to BD2.47 million in 2006.
The BNH board of directors approved BD2.19 million cash dividend to shareholders, subject to the approval of authorities concerned.
The board of directors also approved the financial results for at their meeting held in the group's headquarters in Seef.
'I am pleased to say that last year proved to be the most successful ever in the Group's history, during which we posted record financial results and made excellent strategic progress,' Yateem said.
Yateem said that BNH and its subsidiaries successfully achieved their planned objectives for last year. These included significant growth in insurance net earned premiums, profitability and expansion of the group's business activities locally and regionally.
He added that BNH was able to achieve substantial growth in its insurance and investment income and will pursue even better growth in the future to increase the return on equity for shareholders, as well as providing services to customers.
BNH chief executive Mahmood Al Soufi said that last year's results reflected the group's keen interest to provide investors and shareholders with better returns through strong management of capital employed and offering superior insurance products and services that meet or exceed the expectations of customers in the Kingdom of Bahrain.
He added that during last year, BNH realised one of its main strategic objectives and plans with the official opening of Gulf Insurance Institute.-TradeArabia News Service