Bahrain National Holding Company (BNH) has posted a first half net profit of BD1.641 million ($4.351 million) which was similar to the previous year.

The group registered total gross premiums of BD12.637 million for the period and net earned premiums of BD6.741 million which was also similar to the same period last year.

The underwriting profit was BD670,000 and net investment income BD1.497 million.

'Despite the uncertainty which followed the financial crisis and the increasingly competitive market, the group retained its market share and maintained profitability,' said BNH chief executive Mahmood Al Soufi.

'This is due to our strategic plans of geographical expansion along with our prudent underwriting modules.

'Our focused vision not only helped us achieve these positive results but we also received the honour of being the first company in Bahrain to receive a gcAA rating from Standard and Poor's which is a newly introduced credit rating specific to companies operating in the GCC,' he added.-TradeArabia News Service