GFH announces US$ 87.95 million nine-month profit

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

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GFH Financial Group yesterday announced its financial results for the third quarter and first nine months of the year ended 30 September 2024.

Q3 Results

Net profit attributable to shareholders was US$27.20 million for the third quarter of the year, compared to US$24.31m in the third quarter of 2023.

The increase of 11.9% was driven by its investment management, commercial banking, and treasury and proprietary investment activities.

Earnings per share for the third quarter was US cents 0.73, compared with US cents 0.71 in the third quarter of 2023, an increase of 2.8%.

Total comprehensive income attributable to shareholders was US$ 46.59m for the third quarter, compared with US$22.95m in the third quarter of 2023, an increase of 103.0%.

Total income for the quarter reached US$154.26m, up 24.2% from US$124.19m in Q3 2023. Consolidated net profit for the third quarter was US$27.659m, compared to US$23.86m in Q3 2023, an increase of 15.9%. Total expenses for the quarter were US$70.03m, up from US$ 63.67m in the prior-year period, an increase of 10.0%.

Nine-month

The Group reported a net profit attributable to shareholders of US$87.95m for the first nine months of the year, compared with US$78.92m in the 2023 period, an increase of 11.44%. The gain is attributed to contributions from the investment banking business, share of profits in the Group’s commercial banking subsidiary and income from treasury investment activities.

 Earnings per share for the nine-month period was US cents 2.43, compared with US cents 2.26 in the same period of 2023, an increase of 7.5%. Total comprehensive income attributable to shareholders was US$113.9m for the first nine months of the year, compared with US$75.23m in the 2023 period, an increase of 51.4%.

Total income for the period was US$486.49m, up 42.9% from US$340.40m yearon-year. Consolidated net profit for the first nine months of the year was US$95.56m, compared with US$81.05m in the corresponding period of 2023, an increase of 17.9%.

Total expenses for the nine-month period were US$233.90m, compared with US$180.24m in the same period of 2023, an increase of 29.8%.

Total equity attributable to shareholders was US$997.05m as of 30 September 2024, versus US$989.54m at 31 December 2023, a slight increase of 0.8%. Total assets of the Group were US$10.94 billion as of 30 September 2024, compared with US$11.12 bn at 31 December 2023, a marginal decrease of 1.6%. This was primarily due to net sale of proprietary investments.