GFH posts positive Q1 results

Strong Q1 results for Gulf Finance House see quarterly net profit rise to over US$30 million

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By  Rhys Jones Published  May 11, 2005

Gulf Finance House (GFH) announced its first quarter results last week, with year on year net profit rising by 108% to US$32.6 million for the three months, up to March 31. “These very strong first quarter results reflect the soundness of the bank’s business model and the dedication and hard work of the bank’s team,” said Dr Fuad Al Omar, chairman, GFH. “Adding strength to these results is the fact that most of the bank’s first quarter earnings have come from fees earned from the bank’s projects rather than from unrealised gains,” he added. The results include the first quarterly results for GFH Commercial Bank, which also reported a profit. GFH chief executive officer and board member Esam Janahi said the Commercial Bank has been very active and has already successfully closed two funds amounting in total to US$75 million, which offer investment opportunities in Bahrain and in France. “Our operating expenses in the first quarter rose by 61% to US$13.1 million compared to US$8.1 million in the same period in 2004, but this rise was offset by the 92% rise in fee and other income which reached US$45.7 million,” said Janahi. “I am very happy that the investing public has recognised the progress of GFH. Our share price has more than doubled since last summer and continues to perform strongly,” he added.

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