The current year will be one of reshaping Benefit Company's three-year corporate direction and strategy to take the company forward to new prospects, a report said.

In a statement issued after the annual general meeting, the company said the corporate strategy will cover strategic opportunities and potential directions towards enabling it to substantially increase its market penetration and provide diversifying products and services to its stakeholders, according to the report published in our sister newspaper, the Gulf Daily News.

The company said it is also working with the Central Bank of Bahrain to introduce the corporate credit reference bureau, this year.

The company believes that providing its member banks with consolidated corporate data will enhance the efficiency of the decision-making capabilities by drastically reducing the current risk of unknown credit history of corporate entities.

The management remains "determined to elevate Benefit's position in the market to a clearing hub for Bahrain's retail banking industry".

The company has reported that last year was another good year with consolidated operating profits increasing by 37 per cent in 2012 to BD2.3 million compared with BD1.72 million in 2011.
Consolidated net profits grew by 41 per cent to BD2.34 million last year compared with BD1.66 million in 2011. – TradeArabia News Service