Mubasher: Fitch Ratings has affirmed the long and short-term issuer default rating (IDR) of GFH Financial Group at 'B', with a stable outlook for the long-term IDR.

The global rating agency also affirmed the 'B'/'RR4' senior unsecured long-term rating of the $500 million certificates issued through GFH Sukuk Company Limited (GFH SCL), according to a recent bourse filing.

The group has growing treasury activities, which represented around 40% of revenues in 2020 and will add stability to the earnings.

It is noteworthy to mention that during the first quarter (Q1) of 2022, the net profits attributable to the shareholders of GFH totalled $19.11 million, an annual growth of 18.50% from $16.12 million.