MANAMA, 3 May 2005 — Bahrain-based Islamic investment bank Gulf Finance House has reported a 108 percent increase in first-quarter net profits to $32.6 million.
GFH Chairman Fuad Al-Omar said in a statement received yesterday that most of the earnings came from fees. The results included those of the recently launched subsidiary GFH Commercial Bank.
Operating expenses rose 61 percent to $13.1 million, while fees and other income surged 92 percent to $45.7 million. GFH is a key player in the Middle East property market.
Esam Janahi, chief executive officer and board member, GFH said: “The results reflect the strength, skill and experience of our management team and their ability to create value for the bank’s clients. At GFH, we look for opportunities in the GCC and outside the region that could potentially reward our shareholders and investors and this has led us to work closely with strategic partners in landmark projects.” He said “This quarter also includes the first quarterly results for GFH Commercial Bank which I am pleased to say reported a profit. The Commercial Bank has been very active and has already successfully closed two funds amounting in total to $75 million which offer investment opportunities in Bahrain and in France.”
