GFH net profit rises 18.6pc to $103.44m

MANAMA: GFH Financial Group (GFH) has announced a net profit of $103.44 million for the nine months ended September 2018 representing 18.6 per cent increase from $87.23m in the first nine months of 2017.

The increase reflected continued growth and stronger contributions from the GFH’s core investment banking business and other related investment income.

Consolidated net profit of $104.66m for the nine month period, saw an increase of 15pc from $91.04m for the prior-year period.

For the third quarter of 2018, net profit increased 23.3pc to $30.94m from $25.09m for the comparable period in 2017.

Consolidated net profit was $31.26m from $25.52m in the prior-year period, an increase of 22.5pc.

Earnings per share for the nine months was 2.91 cents compared with 3.55 cents in the prior-year period. Earnings per share for the third quarter was 0.87 cents compared with 1.04 cents during the comparable period in 2017.

During the nine months, total consolidated revenues grew 13.2pc to $184.62m compared with $163.16m in the prior-year period, primarily from revenues generated from its investment banking business.

Consolidated revenues for the third quarter were $64.42m compared with $52.18m in the third quarter of 2017, an increase of 23.5pc.

Profit before impairment increased 23.8pc for the nine months to $110.58m versus $89.32m in the prior-year period.

Profit before impairment for the third quarter increased by 26.7pc to $33.98m from $26.81m in the comparable-year period.

Total operating expenses for the nine months were $74.04m, an increase of 0.3pc from $73.84m in the prior-year period.

Total operating expenses for the quarter were $30.44m versus $25.37m in the third quarter of 2017, an increase of 20pc.

Equity was $1.09 billion for the first nine months compared to $1.13bn for the prior year period, a decrease of 3.5pc.

Total assets increased 11pc to $4.43bn for the nine months from $3.99bn for the prior-year period.

Chairman Jassim Alseddiqi said, “In line with its strategy, GFH continues to make improvements to the top and bottom line enabling us to deliver strong value and returns for our shareholders and investors quarter after quarter.

“Significant improvements can be attributed to growing contributions from the investment banking activities, which forms the core business and focus as we go forward. With this sustained momentum and progress, we expect to make even further gains by year end.”

Chief executive Hisham Alrayes said, “Enhanced results and profitability for the first nine months of the year were once again supported by growth in the group’s investment banking business and income generated from transactions undertaken during the quarter. Having entered the last quarter of the year in a solid position, we look forward to strong year-end results and improved profitability and returns for shareholders.”

Source: http://www.gdnonline.com/Details/430908

 

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