Bahrain’s GFH Financial posts 9% rise in Q4 profit on investment banking strength

Dubai: Bahrain-based GFH Financial Group on Wednesday reported a 9 per cent rise in its fourth-quarter profit, bolstered by strong performance in its investment banking business.

Net profit attributable to shareholders was $23.88 million for the fourth quarter of the year, up 8.9 per cent, compared with $21.93 million in the fourth quarter of 2020.

The increase was the result of “strong” continued performance across the company’s core business lines and significant contributions from its investment banking business, which generated $52.25 million in fees from placement activities linked to the group’s investments in the logistics, healthcare and education sectors, it said in a statement.

This included investments in a prime FedEx logistics facility in the US, UAE’s leading multi-speciality healthcare provider and a global healthcare education pioneer alongside Schroders Capital with whom the group signed a strategic partnership during the fourth quarter to co-invest in select private equity and venture capital deals in Europe and the Americas.

Total income for the fourth quarter was $128.14 million compared with $109.29 million in the fourth quarter of 2020. Consolidated net profit for the fourth quarter was $24.34 million compared with $19.04 million in the fourth quarter of 2020, an increase of 27.87 per cent.