GFH profit rises 13.97% to US$102.86 million

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

GFH Financial Group reported profits for its fourth quarter and full year 2023, thanks to contributions across the group’s subsidiaries, associates, and investments.

The group also recommended total cash dividend of 6.2% on par value (USD 0.0164 per share) for 2023, subject to approval by the General Assembly and regulators.

Q4 results

Quarterly net profit attributable to shareholders was US$23.94 million versus US$24.02m in the fourth quarter of 2022, a decrease of 0.32% resulting from lower contribution from the commercial banking subsidiary during the quarter.

Earnings per share were US cents 0.69 compared with US cents 0.74 in the fourth quarter of 2022.

Total income was US$108.24m with sound contributions made from the Group’s subsidiaries, and income from placements and fees of investment portfolios, and treasury activities.

This is compared with US$109.73m in the fourth quarter of 2022, a decrease of 1.36%.

Q4 consolidated net profit was US$24.18m compared with US$26.23m in the fourth quarter of 2022, a decrease of 7.82%. Total expenses were US$84.06m compared with US$83.50m in the prior-year period, up 0.67%.

Full year results

Net profit attributable to shareholders was US$102.86m compared with US$90.25m in 2022, an increase of 13.97%.

The gain is attributed to growth in the investment banking business, contributions from the commercial banking subsidiary, proprietary income, as well as treasury activities.

Earnings per share for the year was US cents 2.95 compared to US cents 2.65 for the full year 2022, an increase of 11.32%.

Total income was US$369.53m, up 24.10% from US$297.76m for the previous year.

Consolidated net profit was US$105.23m compared with US$97.71m in 2022, an increase of 7.69%.

Total expenses for the year were US$264.30m compared with US$200.06m in 2022, an increase of 32.11%.

Total equity attributable to shareholders was US$989.54m at 31 December 2023, down 0.71% from US$996.60m at year-end 2022.

Total assets of the Group increased by 13.93% to US$11.12 billion at 31 December 2023 compared with US$9.76 billion at 31 December 2022. In line with the Group’s strong results, the Board of Directors has recommended a total cash dividend of 6.2% on par value (US$0.0164 per share), subject to approval by the General Assembly and regulators.

Currently, GFH manages over  US$21 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America.