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Gulf Finance House Reports Q1 2013 Profits Of $1.5M
07 : 23 PM - 09/05/2013
Manama, May 9 (BNA)-- Gulf Finance House (GFH), the Bahrain based Islamic investment bank, today announced its financial results for the first quarter ended March 31, 2013 recording another period of sound results and profitability.

GFH reported a net profit of US$1.5 million for the quarter compared with US$ 1 million during the same quarter in previous year, an increase of 50%. Total income for the period was at US$11.1 million compared to US$12.9 million during the first quarter of 2012. Income was primarily from management fees from funds under management and also, profit of US$ 4.9 million from repurchase of debts at discount. The Bank’s strategy of streamlined operations continued to bear results with a 30% reduction in the operating costs for the current quarter at US$8.3 million compared to US$11.9 million in Q1 2012.

Highlighting the positive performance for the period, Mr. Hisham Al Rayes, Acting CEO of GFH, 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 added, "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. We are pleased with the results of our efforts over the past quarter and look forward to announcing further progress in the coming period."

About Gulf Finance House
Since its establishment in 1999, Bahrain based Gulf Finance House (GFH) has while distinguished by managing and placing investment in the Middle East and North Africa "MENA" region. Banks activities are focused on development of Islamic Financial Institutions, Infrastructure Projects, Private Equities, and Asset Management. GFH is listed on the Kuwait Stock Exchange, the Bahraini Stock Exchange, the Dubai Financial Market and the London Stock Exchange in the form of a GDR.


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BNA 1517 GMT 2013/05/09


Number of readings : 825        Last updated : 07 : 23 PM - 09/05/2013

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