Bahrain National Holding Company (BNH) on Wednesday said that it had sustained the growth and profitability patterns in 2010 with net profit rising to BD 3.814 million.
BNH achieved a net profit of BD3.814 million compared to BD 4.069 million for the same period last year. Despite the minor decrease in net profits, primarily due to claims, the group’s total assets increased from BD 73.672 million in 2009 to BD 74.127 million in 2010. Net assets also increased by 5% to BD 42.157 million in 2010 from BD 40.195 million in 2009.
The group registered an increase in its net earned premium income which totaled BD 13.587 million in comparison to BD 13.395 million in 2009. Net investment income also increased by 16.7% to BD 2.603 million compared to BD 2.230 million for the same period last year.
The board thanked the shareholders, customers and all employees of BNH whose efforts during the year helped achieve this positive result in difficult circumstances. The Board of Directors approved a recommendation to the Company’s Annual Ordinary General Meeting to distribute cash dividends of 20 fils per share for 2010 to shareholders from the Company’s earnings.
“Given the on-going turbulent conditions of the global markets, the Group is presenting good results; these results along with the 5% increase in Net Assets are a testimony to the successful business plan we set for the Group and we shall continue implementing those strategies,” said Farouk Almoayyed, Chairman of the Group.
“We are content with our business strategies which have provided rewarding results in 2010. We will continue with these initiatives to ensure the stability of our business, to provide value for our clients and business partners and to grow our shareholders value,” added Mahmood Al Soufi, Chief Executive of BNH.