Bahrain National Holding Company (BNH) has recorded a net profit of $10.8 in 2009,
an increase of 101 per cent over the previous year.

"The results reflect the stable position of BNH and the commitment of our shareholders and customers to support our products and services which are designed to successfully navigate through such an economic crisis," a spokesman for the company said.

The company registered net earned premium income of $35.5million for the period in comparison to $34.2m in 2008, an increase of 4 per cent.

As a result of an improvement in global stock markets during the remainder of last year, the investment income after impairment increased by 503 per cent to reach $6.8m.

The insurance underwriting profits were slightly lower by 3 per cent to $7.9 milliom compared with $8.1 million, while the shareholders' equity increased by 4 per cent to $102.3 million compared with $98.6 million in 2008.

The board has approved a recommendation to the company's annual ordinary general meeting to distribute 20 per cent cash dividends to shareholders from the company's paid-up capital to shareholders at 20 fils ($0.05) per share for last year, subject to the approval of the relevant regulator.

"We are very pleased with the group's performance. To achieve an increase of 101 per cent in our net profits, given the world's economy frail conditions is regarded as an actual indicator that reveal the outstanding performance of the group, its subsidiaries and associated companies," said chairman Farouk Almoayyed.

"Despite the financial uncertainty the world's economy has faced in 2009, the group has maintained its strong financial position in the local and regional markets, a testimonial of the group's prudent underwriting strategy and diversified investment plan," added chief executive Mahmood Al Soufi.

"We will therefore continue to manage our business selectively and be responsive to the market needs." – TradeArabia News Service