Gulf News | Bahrain National Holding announces the semi-annual financial...

Bahrain National Holding Company announced Trading symbol (BNH) For its financial results for the second quarter and half-yearly for the period ending June 30, 2021.

The Group achieved a net profit attributable to shareholders of BD 1.26 million for the second quarter ended June 30, 2021, compared to BD 1.24 million for the second quarter of the previous year, an increase of 2%. Earnings per share for the second quarter were 11.2 fils compared to 11.0 fils in the second quarter of the previous year. Total comprehensive income attributable to shareholders in the second quarter amounted to BD 2.39 million, compared to BD 2.49 million during the same period last year, a decrease of 4%.

As for the semi-annual financial results, the group achieved a net profit attributable to shareholders of BD 3.14 million during the first half ending on June 30, 2021, compared to BD 2.41 million for the first half of the previous year, an increase of 30%. As a result, earnings per share increased to 27.9 fils compared to 21.4 fils in the first half of 2020. The total comprehensive income attributable to shareholders in the first half amounted to BD 3.77 million, compared to BD 898 thousand during the first half of the previous year, an increase of 319%.

The increase in net profit for the first half of 2021 compared to the first half of 2020 is due to the improvement in the underwriting results supported by strong investment income, in addition to the increase in the group’s share of the profits of associates.

Total shareholders’ equity (after excluding minority interests) at the end of the first half of this year amounted to BD 58.47 million, compared to BD 57.25 million at the end of the previous year, an increase of 2%. Total assets also increased to 114.43 million BD, compared to 110.69 million BD at the end of the previous year, an increase of 3%.

Gross insurance premiums increased by 14% to BD 9.85 million for the second quarter of 2021, compared to BD 8.61 million in the second quarter of 2020. Net earned premiums in the second quarter amounted to BD 4.38 million, compared to BD 4.13 million in The second quarter of last year, an increase of 6%. The group recorded a net underwriting profit of BD 0.97 million during the second quarter, compared to BD 1.07 million in the second quarter of the previous year, a decrease of 9%. The net investment income after calculating impairment losses decreased by 14% to 493,000 dinars during the second quarter, compared to 571 thousand dinars in the second quarter of the previous year..

The group recorded an 11% increase in total insurance premiums to reach BD 20.52 million, compared to BD 18.54 million for the first half of last year, while net earned premiums increased by 4% to reach BD 8.78 million, compared to BD 8.41 million. Bahraini for the first half of the previous year. The group also achieved underwriting profits of BD 2.05 million during the first half of 2021, compared to BD 1.94 million in the first half of the previous year, an increase of 6%. The net investment income after impairment losses increased by 19% to reach BD 1.47 million, compared to BD 1.23 million for the same period in 2020. The group’s share of the profits of associates increased by 190% to reach BD 734 thousand, compared to 253 thousand. Bahraini dinar in the same period of the previous year.

Mr. Farouk Almoayyed, Chairman of the Board, commented: “We are pleased with the strong performance of the underwriting business, particularly the growth in gross premiums, in a competitive and challenging market environment in many respects. Our associates continued their recovery in profitability, while the booming market conditions helped us record good growth. in investment income“.

Mr. Samir Al Wazzan, Group CEO, commented: “The strong underwriting results reflected the levels of our services and the loyalty of our customers. We have enjoyed strong growth in all business areas except for motor insurance, which was affected by the decline in new vehicle sales. We have seen a slight increase in claims in some business areas. In the second quarter of 2021, as overall activity picks up following an improvement in the number of COVID-19 cases. Investment income has continued to recover, although we remain cautious, and strive to maintain strong liquidity in our balance sheet..”

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