BNH registers $9m net profit
Manama, February 23, 2012
Bahrain National Holding Company (BNH) achieved a net profit of BD3.3 million ($8.8 million) last year compared to BD3.8 million for the same period in 2010.
Despite the decrease in net profits, primarily due to lower investment returns, the group's net assets remained similar to the previous year at BD42.22 million, compared to BD42.15 million in 2010.
The group registered an increase in its underwriting profit which totalled BD2.2m in comparison to BD2 million.
Net investment income was BD2.4 million compared to BD2.9 million for 2010.
'We are very pleased with the group's results given a difficult year due to the on-going impact of the global financial crisis and the difficult trading conditions in the Gulf,' said group chairman Farouk Almoayyed.
'This result can be regarded as an actual indicator that reveals the outstanding performance of the group, its subsidiaries and associated companies.'
At the corporate level of the group, Bahrain National Insurance achieved a net profit of BD2.961 million compared to BD3.521 million for the same period in 2010, while the Bahrain National Life Insurance recorded a net profit of BD692,000 compared to BD377,000 for the same period in 2010.
'We are content with our business strategies which have provided pleasing results in 2011,' said chief executive Mahmood Al Soufi.
'We will continue with our strategic plans regionally and our continued investment in our core insurance business,' he said.
'We have a positive outlook for 2012 and will be looking for expansion opportunities in the GCC and Mena regions through our set strategic and investment plans,' Al Soufi added.-TradeArabia News Service