BNH Q1 net profit rises to $2.9m
Manama, May 13, 2008
Bahrain National Holding Company (BNH) registered a net profit of BD1.096 million ($2.9 million) for the first quarter of this year.
Total gross premiums for the period reached BD6.99 million, with net earned premiums of BD3.15, an increase of 10.9 per cent from BD2.84 million for the same period last year.
The underwriting profit was BD800,000 compared to BD600,000 for the same period last year.
"The realised investment income of this quarter is lower due to the group's one off 5 per cent sale in the associate company United Insurance last year, which resulted in a profit of BD850,000, said chief executive officer Mahmood Al Soufi.
"However, we will continue implementing our strategies we have set for both our subsidiaries and the mother company, in order to achieve the growth and targeted return on investment for our shareholders and all partners in business," he added.-TradeArabia News Service