GFH posts $6.1m net profit in Q1

16/05/2016 05:56 AST

Bahrain-based GFH Financial Group (GFH) has registered a net profit of $6.1 million for the first quarter, up 176 per cent over $2.2 million for the same period last year.

Announcing the Q1 results, GFH said it had netted a consolidated profit of $10 million for the first quarter, thus registering a 66 per cent increase from a consolidated profit of $6 million for similar period last year.

The group’s total consolidated income grew 54 per cent to $29.1 million as compared to $18.9 million in the first quarter of 2015.

Consolidated operating profit before provisions was $11.5 million in Q1-2016, as compared to $4.4 million last year. Total operating expenses during Q1-2016 was $17.6 million, in comparison to $14.6 million in Q1-2015, it stated.

Hisham Alrayes, the chief executive, said: "We are pleased with our financial results for this quarter and expect 2016 to be a strong year for GFH. Our investment and commercial banking divisions have been contributing positively to the group’s financial performance, with real estate also expected to be a major revenue stream soon."

"We are delighted that our long-term strategy and diversification efforts are consistently showing positive results. GFH will continue to aim for increased profitability across all business segments," he noted.

"In Q1-2016, we are particularly pleased at KHCB’s performance which significantly contributed towards the group’s balance sheet," he added.

Alrayes said: "This year we will continue to target a number of strategic projects which will signify recurring income for the group and increase our financial stability. We also expect to be successful in various recoveries, which are a key factor for us as demonstrated in this quarter’s results."

"For this reason, we will continue to focus on this area of our business and deliver higher returns to our shareholders," he added.

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