Gulf Finance House profits increase to $4.138 million

25/10/2011 00:00 AST

Gulf Finance House (GFH) announced, in a press release on Monday, its third quarter (Q3) financial results for 2011. The Bank has continued to grow its earnings, recording a net profit of 4.1 million US dollars for the first nine months of 2011, as compared to a net loss of $162.2 million for the same period in 2010. Specifically, net profit for the third quarter 2011 amounted to $3.4 million compared with a net loss of $115.1million for third quarter 2010.

During the first nine months of the year, GFH increased its earnings by 279 percent to $50.02 million, compared to $13.1 million during the same period last year. This increase in total income was mainly attributable to income from asset sales and settlement of liabilities.

Commenting on the Q3 results, Mohammed H. Al-Nusuf, Deputy Chief Executive Officer (CEO) of GFH said, “The increase in net profit to $3.4 million is a testament to the Bank’s diligent and professional management as well as its revised investment strategy. We are committed to providing our shareholders and investors with optimal returns with the continued support of our Board members and stakeholders will.”

The Bank has undergone significant restructuring and reassessing of its business model in order to return to the profitability. The positive results mark a significant achievement for the bank, which experienced some challenges in 2009 and 2010 due to the global financial crisis. The bank’s recovery plan, which emphasizes a return to its core strength of conceptualizing, deploying, and managing pioneering Islamic financial institutions while successfully exiting from its non-core assets, has proven to be the backbone of our performance in 2011.

Al Watan