BNH registers net profit of $2.2m
Manama, May 15, 2012
Bahrain National Holding Company (BNH), the parent company of bni and bnl, yesterday announced a net profit of $2.17 million in the first quarter of this year, against $2.81 million for the same period last year.
The company registered gross premium of $15.84 million, an increase of 13.5 per cent compared to the same period last year.
The net earned premium income was $9.01 million for the period in comparison to $8.30 million for the same period in 2011.
Underwriting profits was at $0.94 million in comparison with $1.31 million for the same period last year.
The income from strategic investments in associates was put at $0.58 million compared with $0.66 million in March 2011.
According to BNH, the group assets as of March 31 this year increased to $196 million from $191 million as of December 31 last year.
The net investment income for the period decreased to $2.41 million compared with $2.66 million for the same period in 2011. However, investment portfolio fair value increased by $1 million compared with December 31 last year.
'We are very pleased with the results. Gross premium increased significantly compared with 2011 and investment performance was good,' BNH chief executive Mahmood Al Soufi said.
'Considering the high claims in motor and medical insurance, fierce completion from local and international companies, and the current economic situation in the region, the company's overall performance was good,' he said.-TradeArabia News Service
More Finance & Capital Market Stories
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013