BNH posts $10 million profit for 2010
Manama, February 24, 2011
Insurance group Bahrain National Holding Company (BNH) achieved a net profit of BD3.814 million ($10.1 million) for 2010 compared to BD4.069m for 2009.
Despite the minor decrease in net profit, primarily due to claims, the group's total assets increased from BD73.672 million in 2009 to BD74.127 million last year.
Net assets also increased by five per cent to BD42.157 million in 2010 from BD40.195 million last time.
The group registered an increase in its net earned premium income, which totalled BD13.587 million in comparison to BD13.395 million last time.
Net investment income increased by 16.7 per cent to BD2.603 million compared to BD2.230 million.
The board approved a recommendation to distribute cash dividends of 20 fils per share for 2010 to shareholders.
"Given the on-going turbulent conditions of the global markets, the group is presenting good results," said chairman Farouk Almoayyed.
"These results along with the 5 per cent increase in net assets are a testimony to the successful business plan we set for the group and we shall continue implementing those strategies."
"We are content with our business strategies which have provided rewarding results in 2010," said chief executive Mahmood Al Soufi.
"We will continue with these initiatives to ensure the stability of our business, to provide value for our clients and business partners and to grow our shareholders value,” he added. – TradeArabia News Service