Gulf Finance House net profits for 2012 surge to $10.03mn

The Gulf Finance House (GFH) announced its financial results for the fiscal year 2012. The bank posted a net profit of $10.03 million compared to $0.38 million in 2011. The bank’s profitability in 2012 was the result of strong shareholder support, investor loyalty and a dedicated management team committed to seeing through the significant restructuring and income from profitable investments. Operating profit before provisions were $20.43 million when compared to $ 8.5 million in 2011 an increase of 140%. Additionally, the bank posted reduced operating costs from $62.87 million to $43.15 million, a 31% reduction when compared to the same period last year, which was mainly attributable to continued efforts to maintain streamlined operations and reduced facilities. During the fourth quarter of 2012 GFH had a net profit before provision of $12.9 million with net profit after provision of $ 2.5 when compared to a net loss of $4 million in 2011. This is accredited to the income generated from the Leeds F.C. investment and other investment companies. Expressing his satisfaction with the results for 2012, Esam Janahi, Chairman of GFH commented: “These results are a testimony to the determination of the board and executive management to turning around the bank’s activities positively following the financial crisis. Despite the slowdown in the international, regional and local economies, at GFH we have met the challenges and have continued to maintain its growth momentum and remain profitable”. “We are committed to providing long term benefits for our shareholders, our investors and our employees and appreciate the commitment, dedication and support extended towards the growth activities of the Bank. I would like to express my gratitude to the executive management team’s efforts in restructuring the banks liabilities and continuously pursuing opportunities which resulted in accelerated development and progress of the Bank,” he concluded.