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GFH reports 146% higher profits in H1-21

GFH reports 146% higher profits in H1-21
The group's total income amounted to $181.01 million in H1-21
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Mubasher: The net profits attributable to the shareholders of GFH Financial Group hiked by 146.1% to $37.04 million in the first half (H1) of 2021, compared to $15.05 million in the year-ago period.

Higher profits are attributed to the increased treasury activities and stronger performance by the commercial banking subsidiary of the group, according to a press release on Thursday.

The group's total income amounted to $181.01 million in H1-21, up 23.5% from $146.53 million in the same half of 2020.

Meanwhile, the earnings per share (EPS) for the first six months of 2021 stood at US cents 1.21, versus US cents 0.45 in the corresponding period of 2020.

In the second quarter (Q2) of 2021, the company's net profits increased by 109.8% year-on-year (YoY) to $20.92 million, compared to $9.97 million.

The Chairman of GFH, Jassim Alseddiqi, commented: "During the period, we continued to source unique deals through our investment banking business in the US and Europe and successfully placed them with investors eager for diversification and opportunities for sound income generation. We also expanded our stake in our commercial banking subsidiary and continued to grow our treasury business."

Meanwhile, the CEO of GFH, Hisham Alrayes, said: "Our results for the second quarter and first half of the year reflect the continued success of our strategy and focus on growth, diversification, and expansion across core business lines and geographies for the Group."

GFH is listed on Bahrain Bourse (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM).