GFH bogged down by losses at commercial banking unit

Dubai: The GFH Financial Group reported a consolidated net profit of $9.7 million for the first nine months, down from the $17.98 million last year.

The net loss for the third quarter was $8.26 million against a profit of $4.32 million same period last year.

Consolidated income for the three quarters was $99.3 million, up from the $67.1 million last year. Net profit attributable to shareholders came to $3.9 million, down from $4.08 million a year ago.

But the latest third quarter weighed heavily, with a total net loss attributable to shareholders of $7.58 million.

“The results have been impacted by the provisions taken by the commercial banking subsidiary, which reflected negatively on the Group’s results,” said a statement.