Gulf Finance House records 108% net profit increase

GFH keep making profits

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By  Sean Cronin Published  May 7, 2005

Gulf Finance House has recorded a 108% increase in net profits to US $32.6 million for the three months to 31 March 2005. The investment bank which provides financing for some of the biggest construction jobs in the region, has also hinted that it intends to restructure its senior management team. Chairman Dr Faud Al-Omar, said: “Most of the bank’s first quarter earnings have come from fees earned from the bank’s projects, rather than from unrealised gains. “Our move to focus on major regional infrastructure projects will continue to be our strategy in order to deliver sustained growth for the bank’s shareholders and investors. “Obviously, achieving such growth and success comes with challenges. To meet these challenges the bank is currently re-organising itself and is strengthening its senior team.” The bank has also produced its first quarterly results for GFH Commercial Bank, which has closed two funds totalling US $75 million that offer investment opportunities in Bahrain and France.

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