Bahrain: GFH Financial Profits Up 217%

Bahrain: GFH Financial Profits Up 217%

GFH Financial announced Tuesday its financial results for Q1 2021, which ended on March 31.

The Group reported net profit attributable to shareholders of $16.12 million compared with $5.08 million in Q1 2020, up 217.2 percent.

The Manama-based Group attributed the increase to its performance across business lines and improved contributions from its commercial banking and treasury activities, in particular.

“Earnings per share for Q1 2021 was 0.53 cents compared to 0.15 cents for Q1 2020.”

Consolidated net profit for Q1 2021 amounted to $19.34 million compared with $6.78 million in Q1 2020, an increase of 185.2 percent, it explained.

It further pointed out that the total equity attributable to shareholders was $0.92 billion by March 31, from $0.91 billion at year-end 2020, up 0.4 percent.

The marginal increase in shareholders’ equity was primarily due to profit for the period and fair value movement in the treasury portfolio, it said.

Total assets of the Group were $7.04 billion by March 31, compared with $6.59 billion at on December 31, 2020, an increase of 6.9 percent.

“We’re very pleased with the Group’s first quarter results especially in light of the continuing effects of the pandemic across the world,” said Chairman of GFH Jassim al-Seddiqi.

“Despite this, the first three months