Bahrain’s Electronic Network for Financial Transactions (Benefit) has reported a net profit of BD2.5 million ($6.6 million) last year compared to BD2.3 million in 2012, a growth of 7.4 per cent.

The company recorded BD2.4 million as operating profits last year compared to BD2.3 million in 2012, resulting in 2.5 per cent growth in 2013, reported the Gulf Daily News, our sister publication.

The board has recommended distributing 25 per cent as cash dividends and 20 per cent as bonus shares of paid-up capital, subjected to the approval of the authorities and shareholders at Benefit Annual General Meeting.

The board meeting was chaired by Benefit vice-chairman Reyadh Yousif Sater. He said the board was pleased with the positive results recorded in 2013 and the continued success the company has experienced.

"The company's high quality and diverse services in electronic payments and credit information have significantly impacted the positive growth and results."

Sater said the company is committed to developing and enhancing the current services according to its strategic direction, which was recently approved by the board, providing value-adding services to the entire market of Bahrain.

Chief executive Abdulwahid Janahi said the focus of the company on its core services and the business of developing the banking industry along with the commitment of its board and staff reflected in the positive results achieved.

"The company shall continue its efforts in providing the market the best services with the highest quality in terms of banking, financial, and payments services in order to gain the satisfaction of customers, clients, and partners," he said. – TradeArabia News Service