Manama: GFH Financial Group reported a 3.3 per cent increase in net profit attributable to shareholders in Q3 2022 at $24.06 million, compared to $23.30 million in the year-ago period.
Total income was up 24 per cent at $111.12 million compared to $89.60 million, the group said on Wednesday.
Income generated from the placement of the group’s global investments and funds, ongoing improvements in commercial banking business, as well as contributions from treasury activities contributed to growth
Consolidated net profit for the third quarter was $26.10 million compared to $24.13 million in the third quarter of 2021, an increase of 8.2 per cent, despite the negative impact on the treasury portfolio from adverse market conditions.
Net profit attributable to shareholders increased by 9.8 per cent to $66.24 million for the first nine months of 2022 compared with $60.34 million in the first nine months of 2021 supported by increased placement of deals in investment banking, contributions from its commercial banking activities and Infracorp’s Harbour Row unit sales.
Total income for the first nine months was $293.88 million compared to $270.61 million for the 2021 period, an increase of 8.6 per cent. Consolidated net profit increased by 4.7 per cent to $71.48 million compared with $68.28 million.
“Supporting ongoing progress during the quarter was solid performance by each of the group’s core business lines. Further diversification also continues to play an important role in enabling GFH to deliver sound results despite global market volatility,” said GFH Chairman Ghazi Al Hajeri.
“We have continued to expand the group’s portfolio in well-performing markets and sectors in the US, UK and Europe. We also continue to benefit from the previous acquisitions of a number of specialist international asset managers that have not only enabled us to bring better opportunities to our discerning base of GCC investors but also generate demand from Western investors for opportunities we identify in the Gulf region.”
Hisham Alrayes, CEO of GFH, added: “During the quarter, we placed $290 million worth of funds with our investors across yielding real estate and private equity deals. We also realised solid gains from our commercial banking subsidiary, KHCB, which recorded a net profit of $10 million following a successful restructuring.”
Currently, GFH manages over $16.35 billion of assets and funds.