Benefit set to reshape strategy
Manama, March 28, 2013
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
More Finance & Capital Market Stories
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO