Yes, you read correctly. The whole Psalm spoke of blessing God. It's ironic to me because we have no right or ability to bless anyone. And yet we say we do. It's a realization that it's all about God. God blesses us. God uses us to bless others. That blesses God. So in the end, God blesses Himself. But what's truly remarkable is the fact He uses us. I will never make the claim of being perfect; I am nowhere near perfection. I try to try to strive for it. But I fail at it. I fail and God prevails.
In verse 10 the psalmist speaks of the fact God has not dealt with us according to our sins, and has not rewarded us according to our iniquities. I'm reminded of all the times I hear, "It's not fair!" I praise God everyday that He's not fair. He blesses me when I don't deserve it. He gives me opportunities to succeed when others would say I've had one too many chances. And my rewards are not performance-based. I don't have to bring in a hundred people to church to get to a certain level of heaven. I don't have to tithe and then give 50% more to the church to receive a larger "mansion."
And I leave with verse 12. As far as the east is from the west, so far has He removed our transgressions from us.