Bahrain: GFH’s profits to owners exceed $66mln in 9M-22

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Bahrain - The net profits attributable to the equityholders of GFH Financial Group rose by 9.80% to $66.23 million in the first nine months (9M) of 2022, compared to $60.34 million in 9M-21.

The total income amounted to $293.87 million in 9M-22, up 8.60% year-on-year (YoY) from $270.60 million, according to the income statements.

During January-September 2022, the basic and diluted earnings per share (EPS) settled at $1.91, versus $1.76 in the year-ago period.

Meanwhile, the investment bank’s total assets enlarged to $9 billion in 9M-22 from $7.43 billion in 9M-21.

In the third quarter (Q3) of 2022, the net profits attributable to the owners grew by 3.30% YoY to $24.05 million from $23.29 million, while the total income jumped by 24% YoY to $111.11 million from $89.59 million.

Additionally, the basic and diluted EPS went up to $0.73 in Q3-22 from $0.68 in Q3-21.

Hisham Alrayes, CEO of GFH, commented: “During Q3-22, we placed $290 million worth of funds with our investors across yielding real estate and private equity deals.”

Alrayes added: “We also realised solid gains from our commercial banking subsidiary, KHCB, which recorded a net profit of $10 million following a successful restructuring.”

He said: “Good performance was also delivered by the group’s treasury business despite strong pressure from markets reflecting the increase in the profit ratio which generated income of $37 million.”

The CEO noted: “Currently, we focus on investing in the Gulf markets, especially Saudi Arabia and the UAE, due to their steady growth and in light of increase in government spending on projects as a result of increased income and foreign investments.”

In the first half (H1) of 2022, GFH witnessed a growth of 13.90% in net profit attributable to the equityholders to $42.18 million, compared to $37.04 million in H1-21.

It is worth noting that besides trading on Dubai Financial Market (DFM), the financial group is cross-listed on Abu Dhabi Securities Exchange (ADX), Bahrain Bourse, and Boursa Kuwait.