GFH Q1 profit rises 13.03% to US$27.14 million

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

GFH Financial Group yesterday announced its financial results for the first quarter of the year ended 31 March 2024.

Net profit attributable to shareholders was US$27.14 million for the first quarter versus US$24.01 m in the first quarter of 2023, an increase of 13.03% reflecting growth in contributions from the Group’s investment banking and treasury and proprietary investment activities as well as contributions from its commercial banking business.

Earnings per share was US cents 0.77 compared with US cents 0.72 in the first quarter of 2023.

Total income was US$162.97 m compared with US$105.06 m in the first quarter of 2023, an increase of 55.13%.

Consolidated net profit was US$30.34 m compared with US$24.44 m in the first quarter of 2023, an increase of 24.14%.

Total expenses were US$89.18 m compared with US$62.50 m in the prior-year period, up 42.69%.

Total equity attributable to shareholders was US$955.67 m at 31 March 2024 down 3.42% from US$989.54 m at 31 December 2023, primarily due to distribution of dividends for the year 2023.

Total assets of the Group were US$10.55 billion at 31 March 2024 compared with US$11.12 bn at 31 December 2023, a decrease of 5.13%, due to realignment of the Group’s assets.

Currently, GFH manages over US$20.6 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.