Abdul Razak Abdulla Hassan Al Qassim, Chairman of Benefit Company, said that Benefit was working with the Central Bank of Bahrain (CBB) to roll out the Corporate Credit Reference Bureau this year which will greatly help in controlling the credit risk in corporate.
Abdul Razak Abdulla Hassan Al Qassim, Chairman of Benefit Company told the shareholders during the annual general meeting (AGM) held at the Company’s headquarters which was attended by 95.5% shareholders that the company reported strong financials for the year 2012 with consolidated operating profits increased by 37% in 2012 to reach BD2,362,464 compared to BD 1,723,907 in 2011; whereas, the consolidated net profits grew by 41% in 2012 to reach BD2.4 compared to BD 1.7 in 2011.
“We are pleased to report to our shareholders that 2012 is another good year in terms of performance for the BENEFIT Company. This was attainable given to our focus and strategy as a company to provide value adding services to the financial community,”
“In 2012, the BENEFIT Company had number of activities. It launched in coordination with Central Bank the Bahrain Cheque Truncation System (BCTS) for a total of 29 retail banks. The BCTS is yet another strategic service that BENEFIT introduced to the market where it revolutionized the process of cheque clearing in Bahrain by reducing the time period of clearing fund settlements from 2-3 days to one business day. Moreover, BENEFIT has successfully completed the upgrade and enhancement of its switch infrastructure platform via adopting the best and most reliable systems and infrastructure which takes the Company forward towards attaining its objectives and growth strategies. The network, communication, and systems of the Company are a vital part of the core infrastructure that allows us to attain the required objectives. BENEFIT provides the financial community with secure, resilient and reliable services. Further, the Company has enhanced its network and infrastructure that runs at 100% capacity and reliability.”
As the Credit Bureau is continuing to grow and expand its data size, the Company has worked on upgrading its CRB hardware infrastructure and platform. The new platform enabled CRB to increase its performance and capacity by using the new hardware technology from Oracle, which will be the base for eventually upgrading CRB application and topping it with new services and features.
BENEFIT, over the past years, has been successful in positioning itself as an important shared business platform in the Banking Industry of Bahrain. It is its commitment in providing services and products that support and offer added value to its member banks that had made this possible. The Company is keen and shall continue to provide Bahrain’s Banking Industry with services that help in enhancing its efficiency and accordingly make it stand out.
The year 2013 shall be a year of reshaping BENEFIT’s three years corporate direction and strategy to take the company forward to new prospects. The corporate strategy will cover strategic opportunities and potential directions towards enabling the Company to substantially increase its market penetration and provide diversifying products and services to its stakeholders.
Our ongoing goal and belief is to carry on our successful projects and services, maintain our good performance and enhance our unique services. We are determined to elevate BENEFIT’s position in the market to a clearing hub for Bahrain’s Retail Banking Industry. We are committed to continue our successes and maintain mutually beneficial relationships with Central Bank, shareholders, member banks and clients.