Gulf Finance House (GFH) said on Monday its consolidated net profit for the first quarter to March rose 9 per cent as revenues rose.
The total net profit rose to $36.89 million (Dh135.5 million) in the three months to March up from $33.55 million in the first quarter of 2017. The group’s total consolidated revenue was $60.45 million for the first quarter, a rise of 17 per cent compared to $49.59 million in the prior-year period.
The revenue growth was supported by growth in core investment banking business. Total operating expenses for the first quarter of 2018 decreased to $21.88 million from $23.37 million in the prior-year period.
“Consistent value creation demonstrated by the Group quarter-after-quarter underscores the positive direction in which GFH continues to move and its ability to deliver on its strategy and commitment to its shareholders, as the group is currently seeking to exit from real estate investments and focus on its investment and banking activities,” Jassim Al Seddiqi, Chairman of GFH Financial Group, said in a statement.
The equity attributable to shareholders of the bank increased 24 per cent to $1.084 billion in the first quarter. The total assets of the Group increased to $3.97 billion in first quarter of 2018 from $3.24 billion in first quarter of 2017.
“No doubt that our strong results for the first three months of 2018 reflect the Group’s ability to enhance its performance even under the current changes prevailing in the region,” Hisham Al Rayes, CEO of GFH said