Bahrain-based Gulf Finance House (GFH) recorded a net profit of $1 million for the first quarter of this year ending March 31, a statement said.

The bank had reported a net profit of $11.9 million during the same period last year.

The total income for Q1 this year was $12.9 million, resulting primarily from management fees and restructuring of debt, it said.

GFH continued to implement its comprehensive recovery plan for the period ending March 31, including stringent cost cutting measures coupled with aggressive debt restructurings, realising a further reduction in operational costs, the statement said.

The total expenses of the bank came down  almost 18 per cent from $14.5 million to $11.9 million when compared to the same period last year.  

Commenting on the result, Hisham Alrayes, acting chief executive officer, said:  “We are pleased with our financial results for the first quarter of 2012, which is a reflection of the bank’s serious efforts to redefine its business strategy and create value for the shareholders. 

"We remain committed to maintaining profitability, despite the difficult market conditions. We are grateful to all of our shareholders, the Central Bank of Bahrain and GFH staff for their continued support which has propelled positive results even in difficult times.” - TradeArabia News Service