Hisham Al Rayes
GFH records net profit of $4.2m in H1
Manama, August 7, 2013
Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, yesterday reported a net profit of $4.2 million for the first half of the year compared with $5.7 million last time.
Net profit for the second quarter was $2.7 million compared with $4.7 million for the same period in 2012, reported the Gulf Daily News, our sister publication.
Total income for the second quarter was $13.4 million compared with a total income of $19.7 million for the second quarter of 2012.
Income was primarily generated from management fees from funds under management, investment income and recoveries.
Operating costs for the half-year period were reduced by 27 per cent to $19.6 million compared with $26.9 million for the prior year period, underlining on-going efforts in the streamlining of operations and achieving greater efficiencies across the business.
"We are pleased to report another period of improving performance and profitability, which reflects our commitment to maintaining positive results," said acting chief executive Hisham Al Rayes.
"We continue to focus on the strengthening of the balance sheet and the realignment of projects for successful exits, which is allowing us today to establish the bank's credit rating in the market," he added.
"We believe that this will also further enhance market confidence in the bank and allow for better business making in the future," he said.
"Furthermore, during the quarter we focused on building platforms to extract value from our existing assets," he added.
"In this regard, we secured a number of strategic investors alongside GFH in Leeds United FC.
"We also saw progress on a number of our development projects and expect to see positive results later this year in particular in Bahrain and Tunis.
"In addition to these activities, we undertook due diligence on a number of opportunities during the past quarter that we expect will offer the bank and its clients secured income and low investment risk," he said.
"We are confident that a stronger future is ahead and we are determined to deliver higher returns for our investors and shareholders as we go forward," he added. – TradeArabia News Service