GFH posts $24.01m net profit in Q1

GFH Financial Group (GFH) on Thursday announced its financial results for the first quarter of the year ended 31 March 2023. Net profit attributable to shareholders was $24.01 million for the first quarter of the year versus $19.12 million in the first quarter of 2022, an increase of 25.6%. Results were supported by growth across the Group’s core investment banking, treasury and commercial banking business lines. Earnings per share for the quarter was US cents 0.73 compared with US cents 0.54 in the first quarter of 2022.

Total income for the first quarter was $86.93 million compared with $66.02 million in the first quarter of 2022, a rise of 31.7%. Consolidated net profit for the first quarter was $24.44 million compared with $19.35 million in the first quarter of 2022, an increase of 26.3%. Total expenses for the quarter were $62.50 million compared with $46.67 million in the prior-year period, up 33.9%.

Total equity attributable to shareholders was $982.72 million at the end of the first quarter, down 1.4% from $996.60 million at 31 December 2022. Total assets of the Group increased by 6.6% to $10.40 billion compared with $9.76 billion at 31 December 2022.

Commenting, Ghazi Al Hajeri, Chairman of GFH, said, “We’re pleased to announce another quarter of enhanced performance and results including continued growth in the Group’s income and profitability. Despite ongoing volatility across global markets, our investment strategy and diversification are working well in such economic cycles. Having entered the year with good momentum, we look forward to building on these results and generating even greater value for our investors and shareholders in the forthcoming periods.”

Hisham Alrayes, CEO and Board Member of GFH, added, “We have been able to undertake key investments during the last six months and successfully place funds of our regional healthcare platform, Healian, with investors. Our commercial banking subsidiary, Khaleeji Commercial Bank, has also been successful in adjusting to high-interest rates during the period and achieved sound growth. Similarly, our Treasury business has been able to rebalance its portfolio and achieve good gains during the first quarter. We aim to further build our portfolio of income generating assets in the GCC, where economic growth is expected to continue in the coming periods.”