MANAMA, 24 July 2007 — Bahrain-based Gulf Finance House (GFH) has reported excellent financial gains for the three months ended June 30, 2007, with net profit rising to $73.6 million, a 24 percent increase over the $59.5 million net profit reported for the corresponding period last year. The net profit for the first half of 2007 totaled $145.9 million with a return on equity of 43 percent and return on assets of 18 percent. Gross income rose by 35 percent over last year, reflecting strong performance in both income from advisory services and sale of investment securities. Total assets increased to $1.8 billion, up 20 percent from $1.5 billion at end of December 2006.
ACE Group Gets License From CBB
MANAMA, 24 July 2007 — The Central Bank of Bahrain (CBB) has granted a new license to international insurer, ACE Group, to expand its existing presence in Bahrain. The new license allows ACE American Insurance Company, a US subsidiary of ACE Group, to establish a branch office, which will underwrite commercial property and casualty insurance and reinsurance from its regional hub in Bahrain. The new operation is in addition to a representative office, established in November 2006, of ACE INA Services UK, and ACE Arabia Insurance Company, a locally incorporated insurance firm, established in Bahrain in 1989.