GFH Financial Group, an investment bank based in Bahrain, more than doubled its net profit on an annual basis for the third quarter of 2021 as the group's business lines braved Covid-induced market pressures globally to perform strongly. Net profit attributable to the shareholders of the bank in the three months to September 30 surged by 187.3 per cent to $23.3 million, up from $8.1m for the third quarter of last year, GFH said on Thursday. Total income for the quarter jumped more than 32.5 per cent yearly to $89.6m. Net profit for the first nine months of the year increased more than 160 per cent year-on-year to $60.3m. The first nine months have been marked by substantial growth in income and profits, GFH’s chairman Jassim Alseddiqi said. “We are pleased with these results and GFH’s continued ability to deliver across its diversified lines of business and geographies where we invest.” “While globally we are still feeling the effects of the pandemic, our performance for the period underscores the robust nature of our strategy and the important positions we have built in resilient and defensive sectors and businesses around the world,” said Mr Alseddiqi. The company’s total expenses in the July-September period were up 13.6 per cent yearly at $65.5m. Key factors that supported growth included increased deal placement, continued expansion of the group’s treasury activities and stronger performance by its commercial banking subsidiary, Khaleeji Commercial Bank (KHCB), and real estate business. Total equity attributable to shareholders stood at $970m on September 30, up 6.6 per cent from $910m at the end of the last year. Total assets of the group continued to grow to $7.4bn in the third quarter. “Solid increases in income and profits reflect a well-diversified business model, effective management of our investments and steady income generation capabilities, which has been a key objective for the group,” Hisham Alrayes, GFH’s chief executive, said. During the quarter, GFH benefited from the strong demand from investors for deals it closed in the US real estate market in well performing segments such as logistics and residences, said Mr Alrayes. “We have also made gains from improving performance in our commercial banking activities, where we have increased our stake in KHCB.” Last month, GFH submitted an offer to the board of KHCB to acquire 21.03 per cent of the its shares, which it currently does not own, by way of shares exchange as it seeks to fully acquire KHCB.