Flip through the latest issue of Gulf Weekly.
Bahrain National Holding Company (BNH) announced a net profit of BD2.021million for the 12 months ended December 31, 2008.
Insurance underwriting performed extremely well for the year with profit up 56.3 per cent, motor underwriting profit increased by 13 per cent, general business increased by 257 per cent and medical and life increased by 68 per cent.
However, the substantial drop in world financial markets caused investment income to decline to BD433,000 compared to BD3.10 million for 2007.
The board of directors approved a recommendation to distribute 15 per cent cash dividends to shareholders from the company's paid-up capital at 15fils per share for 2008, subject to the approval of the relevant regulator.
Mahmood Al Soufi, chief executive, said: "To operate a business in such difficult market conditions is certainly a challenge; but due to our prudent and selective underwriting and direct investment strategies, such hardships were partially mitigated."
