Mohammed H. Al-Nusuf, Deputy CEO of GFH
Gulf Finance House (“GFH” or “the Bank”) today announced its third quarter financial results for 2011. The Bank has continued to grow its earnings, recording a net profit of US$ 4.1million for the first nine months of 2011, as compared to a net loss of US$ 162.2 million for the same period in 2010. Specifically, net profit for the third quarter 2011 amounted to US$ 3.4 million compared with a net loss of US$ 115.1million for third quarter 2010.
During the first nine months of the year, GFH increased its earnings by 279 per cent to US$50.02 million, compared to US$ 13.1 million during the same period last year. This increase in total income was mainly attributable to income from asset sales and settlement of liabilities.
Commenting on the Q3 results, Mohammed H. Al-Nusuf, Deputy CEO of GFH said: “The increase in net profit to US$3.4 million is a testament to the Bank’s diligent and professional management as well as its revised investment strategy. We are committed to providing our shareholders and investors with optimal returns with the continued support of our Board members and stakeholders will”
The Bank has undergone significant restructuring and reassessing of its business model in order to return to the profitability. The positive results mark a significant achievement for the bank, which experienced some challenges in 2009 and 2010 due to the global financial crisis. The bank’s recovery plan, which emphasizes a return to its core strength of conceptualizing, deploying, and managing pioneering Islamic financial institutions while successfully exiting from its non-core assets, has proven to be the backbone of our performance in 2011.