GFH Financial Group, an investment bank based in Bahrain, reported a 26 per cent year-on-year jump in its first-quarter profit as income from investment banking and commercial banking rose.
Net profit attributable to the company's shareholders for the three months to the end of March climbed to $24 million, GFH said in a filing on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
Income from investment banking during the January to March period surged 83 per cent to $45 million, while commercial banking income rose 29 per cent to $25.4 million.
Treasury and investment income in the first quarter rose to $25.5 million, from $11.7 million in the same period last year.
“Despite ongoing volatility across global markets, our investment strategy and diversification are working well in such economic cycles,” Ghazi Al Hajeri, chairman of GFH, said. “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.”
Listed on Bahrain Bourse, Dubai Financial Market, ADX and Boursa Kuwait, GFH manages more than $17.6 billion in assets and funds, including a global portfolio of investments in logistics, health care, education and technology in the Middle East and North Africa region, as well as in Europe and North America.
“We have been able to undertake key investments during the last six months and successfully placed funds of our regional healthcare platform, Healian, with investors,” said Hisham Alrayes, chief executive and board member of GFH.
“Our commercial banking subsidiary, Khaleeji Commercial Bank, has also been successful in adjusting to high interest rates during the period and achieved sound growth.”
The company aims to further build its portfolio of income-generating assets in the GCC, as “economic growth is expected to continue in the coming periods”, Mr Alrayes added.
Total assets of GFH at the end of the first quarter stood at $10.40 billion, up from $9.76 billion at the end of December last year.
