GFH nine-month profit rises 19.14% to US$78.92 million

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

GFH Financial Group yesterday reported a 1.04% increase in its third quarter 2023 net profit attributable to shareholders to US$ 24.31 million from US$24.06m in the year-earlier quarter, helped mainly by Investment banking income.  

Earnings per share was US cents 0.71 compared to US cents 0.73 for the comparative quarter of 2022.

Total income was US$ 87.53m compared to US$ 65.90m for the third quarter of 2022, a rise of 32.82%.

Consolidated net profit was US$23.86m compared with US$26.1m in the third quarter of 2022, a decrease of 8.58%.

Total expenses were US$ 63.68m compared to US$39.80m in the comparative quarter of 2022, an increase of 60.00%.

Nine-month results

Net profit attributable to shareholders for nine-month period rose 19.14% to US$78.92m from US$ 66.24m in the first nine months of 2022 in line with solid contributions from all business lines.

Earnings per share was US cents 2.26 compared to US cents 1.91 in the 2022 period. Total income was US$261.29m versus US$188.03m for the 2022 period, an increase of 38.96%.

Consolidated net profit increased by 13.39 % to US$ 81.05m compared with US$ 71.48m in the first nine months of 2022.

Total expenses were US$180.24m up 54.63% from US$116.56m for the first nine months of 2022. Ghazi Al Hajeri, Chairman, GFH Financial Group, said : “Supporting results was income generated from our global and regional investment activities.

Contributions were also realised from the Group’s commercial banking business and treasury and proprietary investment activities, although performance in these areas was impacted during the quarter by rising interest rates.”

Hisham Alrayes, CEO and Board Member, GFH Financial Group, said: “We also successfully closed three new transactions during the quarter – the  US Opportunistic Fund, Saudi Food Logistics Fund, and US Student Housing Fund and placed more than US$361.1m of investments relating to the Group’s regional and international funds with investors across the GCC.”