GFH aims to maintain growth momentum

GFH Financial Group (GFH) has reported net profit of $24.01 million for the first quarter of the year versus $19.12m in the first quarter of 2022, an increase of 25.6 per cent.

Results were supported by growth across the group’s core investment banking, treasury and commercial banking business lines.

Earnings per share for the quarter was 0.73 cents compared with 0.54 cents in the first quarter of 2022.

Total income for the first quarter was $86.93m compared with $66.02m in the first quarter of 2022, a rise of 31.7pc.

Consolidated net profit for the first quarter was $24.44m compared with $19.35m in the first quarter of 2022, an increase of 26.3pc.

Total expenses for the quarter were $62.50m compared with $46.67m in the prior-year period, up 33.9pc.

Total equity was $982.72m at the end of the first quarter, down 1.4pc from $996.60m at December 31, 2022.

Total assets of the group increased by 6.6pc to $10.40bn compared with $9.76bn at December 31, 2022.

Commenting, Ghazi Al Hajeri, chairman of GFH, said, “We’re pleased to announce another quarter of enhanced performance and results including continued growth in the group’s income and profitability. Despite ongoing volatility across global markets, our investment strategy and diversification are working well in such economic cycles. Having entered the year with good momentum, we look forward to building on these results and generating even greater value for our investors and shareholders in the forthcoming periods.”

Hisham Alrayes, chief executive and board member of GFH, added, “We have been able to undertake key investments during the last six months and successfully place funds of our regional healthcare platform, Healian, with investors. Our commercial banking subsidiary, Khaleeji Commercial Bank, has also been successful in adjusting to high-interest rates during the period and achieved sound growth. Similarly, our treasury business has been able to rebalance its portfolio and achieve good gains during the first quarter. We aim to further build our portfolio of income generating assets in the GCC, where economic growth is expected to continue in the coming periods.”

Currently, GFH manages over $17.6bn of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the Mena region, Europe and North America.

 

Source: https://www.gdnonline.com/Details/1241469

 

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