BNH profit hits $2.4 million in first quarter
Manama, May 11, 2010
Bahrain National Holding Company (BNH), the parent company of bni and BNL, registered a net profit of BD900,000 ($2.4 million) for the first quarter of this year.
Total gross written premiums for the period were BD6.7 million, reporting net earned premiums of BD3.3 million.
The underwriting profit was BD100,000 and net investment income was BD1.1 million.
'It was a difficult period for underwriting with a large number of claims in the first quarter but we anticipate an improvement in the second quarter,' said chief executive officer Mahood Al Soufi.
'The realised investment income of this quarter produced a very positive result but we are concerned by the current EU crisis which could have implications for the rest of 2010,' he said.
'Performance sustainability and prudent risk assurance are core objectives to which we are committed to in order to achieve growth and a positive return on investment for our shareholders and all our business partners,' he added.-TradeArabia News Service
More Finance & Capital Market Stories
- Qatar c.bank plans $1.1bn in bonds, sukuk
- More support for Islamic banking urged
- Bahrain to set new takaful rules by year-end
- Oman fiscal surplus widens to $1.4bn
- Al khaliji opens new branch in Doha
- Bayzat launches online DBR calculator
- Dubai bourse tops 3,000 for first time in 5 years
- Bahrain mulls solvency rules for Takaful industry
- LuLu Exchange opens 3rd branch in Bahrain
- Saudi economic growth picks up in Q3