Bahrain’s GFH reports Q4 profit drop as impairment charges climb – The National

Bahrain’s GFH reports Q4 profit drop as impairment charges climb – The National

Bahrain's GFH reports Q4 profit drop as impairment charges climb. The bank's full-year 2019 profit also declined 29.8 per cent to $80.1m. GFH Financial Group, a Bahrain-based investment bank, reported a 38.7 per cent drop in its fourth-quarter net profit, dragged down by a rise in impairments charges.. GFH's revenue last year climbed to $335.7m, up from $286.2m reported at the end of 2018, it said.. Its total assets along with the funds under management increased to $10bn at the end of last year from $8.5bn the previous year.. Earnings per share for 2019 dropped to 2.37 cents compared with 3.22 cent from a year earlier.. Total equity attributable to shareholders slid to $1bn from 1.06bn for the same period due to additional acquisition of an infrastructure project and treasury share buyback programs, the bank said.. GFH earlier in February said it acquired a hospitality portfolio in the US in partnership with investment firm Arbor Lodging Partner.. The deal worth $250m was executed through GFH Capital - a fully-owned subsidiary of the group.. GFH has increased its investment in the US over the last year..