Gulf Finance House Q1 net up 50pc
Manama, May 12, 2013
Gulf Finance House (GFH), the Bahrain based Islamic investment bank, has recorded another period of sound results and profitability with a net profit of $1.5 million for the quarter, up 50 per cent compared to $1 million the previous year.
The Islamic lender said its total income for the period was at $11.1 million compared to $12.9 million during the first quarter. Income was primarily from management fees from funds under management and also, profit of $ 4.9 million from repurchase of debts at discount.
The bank’s strategy of streamlined operations continued to bear results with a 30 per cent reduction in the operating costs for the current quarter at $8.3 million compared to $11.9 million in Q1 2012.
Commenting on the performance, Hisham Al Rayes, the acting CEO said, "We are pleased to announce another quarter of continued progress at the Bank as reflected in our results and following our restructuring activities. Enhanced results for the quarter were derived from ongoing efforts to strengthen the underlying performance of the Bank and our asset base, which remains significant and holds considerable value."
"During the quarter, the Bank and its subsidiaries focused on maximising the value of existing investments. Importantly, GFH Capital undertook due diligence on a number of potential strategic investors for Leeds United FC and the Bank worked on exit arrangements for Mega City Navi Mumbai," he stated.
"Today, GFH is a bank firmly focused on maximizing the potential of our current portfolio of investments and working on early exits from our projects. We have also been focusing on the further profitable growth for the Bank and our investors leveraging our expertise and ability to structure unique products in growth sectors," reamrked Al Rayes.
"We are pleased with the results of our efforts over the past quarter and look forward to announcing further progress in the coming period," he added.-TradeArabia News Service