BNH posts $8.8m net profit
Manama, March 28, 2012
The Bahrain National Holding (BNH) Group registered a net profit of BD3.3 million ($8.8 million) for the financial year ended December 31, 2011, reinforcing its position in the market.
The BNH group is the parent company of Bahrain National Insurance and Bahrain National Life Assurance.
Annoucing the results during the AGM held at BNH Tower in Seef District, BNH Group chairman Farouk Almoayyed said, "Our strong overall 2011 performance demonstrates the underlying resilience and strength of the group to withstand the numerous challenges - economic, financial and political - in yet another year of volatility and uncertainty."
"We were successful in maintaining the financial strength of the balance sheet, achieving good profitability, increasing retentions and protecting our dominant market share," he added.
Farouk Almoayyed said the shareholders equity was BD42.2 million and the average return on equity eight per cent.
With the positive performance, the shareholders approved the results and the board's recommendation of distributing 20 per cent cash dividend paid at 20 fils per share for 2011 from the company's earnings.
Shareholders and top government officials attended the meeting.
"Given the difficult conditions in 2011, our financial results represent an impressive achievement," explained BNH chief executive Mahmood Al Soufi.
"They underline the validity of our diversified business model and consistent strategy, our prudent approach to underwriting and claims management, our adoption of sound corporate governance and risk management practices," Al Soufi said.
"They also underline our substantial investment in product innovation," he added.-TradeArabia News Service