GFH Financial Group has seen its nine-month (9M) net profit attributable to shareholders rise 11.44% to $87.95 million compared with $78.92 million in the 2023 period.
The gain is attributed to contributions from the investment banking business, share of profits in the group’s commercial banking subsidiary and income from treasury investment activities. Earnings per share for the nine-month period was US cents 2.43, compared with US cents 2.26 in the same period of 2023, an increase of 7.5%, a GFH release said.
Total comprehensive income attributable to shareholders was $113.9 million for the first nine months of the year, compared with $75.23 million in the 2023 period, an increase of 51.4%. Total income for the period was $486.49 million, up 42.9% from $340.40 million year-on-year. Consolidated net profit for the first nine months of the year was $95.56 million, compared with $81.05 million in the corresponding period of 2023, an increase of 17.9%. Total expenses for the nine-month period were $233.90 million, compared with $180.24 million in the same period of 2023, an increase of 29.8%.
Total equity
Total equity attributable to shareholders was $997.05 million as of September 30, 2024, versus $989.54 million at December 31, 2023, a slight increase of 0.8%. Total assets of the group were $10.94 billion as of September 30, 2024, compared with $11.12 billion at December 31, 2023, a marginal decrease of 1.6%. This was primarily due to net sale of proprietary investments.
Q3 performance
Net profit attributable to shareholders was $27.20 million for the third quarter of the year, compared to $24.31 million in the third quarter of 2023. The increase of 11.9% was driven by its investment management, commercial banking, and treasury and proprietary investment activities.
Earnings per share for the third quarter was US cents 0.73, compared with US cents 0.71 in the third quarter of 2023, an increase of 2.8%. Total comprehensive income attributable to shareholders was $ 46.59 million for the third quarter, compared with $22.95 million in the third quarter of 2023, an increase of 103.0%. Total income for the quarter reached $154.26 million, up 24.2% from $124.19 million in Q3 2023.
Consolidated net profit for the third quarter was $27.659 million, compared to $23.86 million in Q3 2023, an increase of 15.9%. Total expenses for the quarter were $70.03 million, up from $ 63.67 million in the prior-year period, an increase of 10.0%.
Currently, GFH manages over $21 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the Mena region, Europe and North America.--TradeArabia News Service
