Bahrain’s GFH records $62m net profit in H1 2017

GFH Financial Group saw its net profit attributable to shareholders soar to $62.1m in the first half of 2017, reflecting a 440% increase from H1 2016's $11.5m

Sheikh Ahmed bin Khalifa Al-Khalifa is chairman of GFH.
Sheikh Ahmed bin Khalifa Al-Khalifa is chairman of GFH.

Bahrain-headquartered financial group, GFH, saw its net profit attributable to shareholders soar to $62.1m in the first half of 2017, it has been revealed.

The amount reflects a 440% increase from $11.5m, the group’s declared net profit for the same period in 2016, according to Bahrain News Agency (BNA).

Reporting its financial results for H1 2017, the company revealed that its total consolidated revenues for the period rose by 36%, going up to $113.4m from $83.4m in H1 2016. The increase mainly came from revenues it generated from its investment banking business, the company explained.

The company added that its consolidated operating profit for the first half of the year reached $62.02m, nearly double that of H1 2016, which stood at $36.2m. Meanwhile, its total operating expenses for H1 2017 was $51.4m, compared to $47.1m the previous year.

Sheikh Ahmed bin Khalifa Al-Khalifa, chairman of GFH, commented: “We are pleased to report significantly enhanced financial results and profitability for the first half of 2017. The bank has proved its ability to improve performance and strength revenue streams.

“The results highlight the success of the direction we are moving and the quality of [the] GFH investment portfolio. I would like to congratulate the board for these good results, and would also like to thank the management team for their great effort, which is highly appreciated.”

Hisham Alrayes, CEO of GFH, added: “During [Q2 2017] we were able to achieve excellent exits from our real estate and education portfolio, which made substantial contribution to our revenue stream. We have also been able to achieve some recoveries from our debt portfolio, which has contributed to our overall income as well.

“Regarding our plan for strategic acquisitions and following shareholders’ approval earlier this year, we have been able to achieve major acquisitions for the benefit of our infrastructure portfolio and increased the capital of the bank with a premium to our shareholders. With the current pace of performance, we expect to end the year with a record achievement and maintain distribution of dividends to the market.”

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