GFH reports $1m profit for Q1

Bahrain-based

Gulf Finance House (GFH) has announced its financial results for the first quarter ending 31st March, 2012, recording a net profit of $1million with total income for the period recorded at $12.9 million resulting primarily from management fees and restructuring of debt.

GFH continued to implement its comprehensive recovery plan for the period ending 31st March 2012, including stringent cost cutting measures coupled with aggressive debt restructurings, realizing a further reduction in operational costs, with total expenses of the bank down by almost 18% from $14.5 million to $11.9 million when compared to the same period last year. .

“We are pleased with our financial results for the first quarter of 2012, which is a reflection of the bank’s serious efforts to redefine its business strategy and create value for the shareholders. We remain committed to maintaining profitability, despite the difficult market conditions. We are grateful to all of our shareholders, the Central Bank of Bahrain and GFH staff for their continued support which has propelled positive results even in difficult times,” Hisham Alrayes, Acting Chief Executive Officer of GFH while commenting on the results said.