GFH Financial Group announces Q1 net profit of $6.1 million

Manama : GFH Financial Group (GFH) reported a net profit attributable to shareholders of $6.1 million for the first quarter of 2016, representing a 176 per cent increase from the $2.2m net profit reported in Q1-2015. 

The Group in a statement also said that it recorded consolidated profit of $10m for the first quarter of 2016, which is an increase of 66pc from a consolidated profit of $6m reported in the similar period last year.

Total consolidated income grew 54pc to $29.1m as compared to $18.9m in Q1, 2015. Consolidated operating profit before provisions  of  GFH was $11.5m in Q1, 2016, as compared to $4.4m in the first quarter of 2015. Total operating expenses was $17.6m, in comparison to $14.6m in Q1-2015.

Commenting on the results, Hisham Alrayes, CEO of GFH Financial Group, said: “We are pleased with our financial results for this quarter and expect 2016 to be a strong year for the company. Our investment and commercial banking divisions have been contributing positively to the group’s financial performance, with real estate also expected to be a major revenue stream soon.”

“We are delighted that our long term strategy and diversification efforts are consistently showing positive results. GFH will continue to aim for increased profitability across all business segments. In the first quarter of 2016, we are particularly pleased at KHCB’s performance which significantly contributed towards the Group’s balance sheet,” he added. 

Alrayes continued: “This year we will continue to target a number of strategic projects which will signify recurring income for the group and increase our financial stability. We also expect to be successful in various recoveries, which are a key factor for us as demonstrated in this quarter’s results. For this reason, we will continue to focus on this area of our business and deliver higher returns to our shareholders.”