DUBAI
GFH Financial Group (GFH) has announced a net profit of $31.91 million for the first quarter of 2017, in a statement on Tuesday.
The figure represents a 427 per cent increase from $6.06 million reported in the same quarter of 2016. GFH reported a consolidated net profit of $33.55 million for the quarter as compared to $10.04 million in the first quarter of 2016.
GFH’s total consolidated income for the quarter also increased by 75 per cent to $51.08 million as compared to $29.17 million in 2016.
Contributing to this increase was a rise in investment banking income from the successful placement of two new asset management investments and a partial exit from private equity portfolio, according to the statement.
Consolidated operating profit was $27.71 million for the first quarter of the year versus $11.49 million in the first quarter of 2016. Total operating expenses for the period were $23.37 million compared with $17.64 million in the prior-year period.
Commenting on the results, Shaikh Ahmad Bin Khalifa Al Khalifa, Chairman of the Board, said in a statement: “We are extremely pleased with the ongoing and significant enhancement of GFH’s performance and results. We entered 2017 in a strong position and the bank’s performance for the first quarter affirms the strategy adopted by the group which continues to take us in the right direction. The group will be seeing substantial growth this year and a number of key acquisitions that will deliver our vision to create a leading regional financial group.”
