Bahrain’s GFH Financial Group reports net profit of $84.22m in 2021

Bahrain’s GFH Financial Group reports net profit of $84.22m in 2021

The GFH Financial Group announced its financial results for the fourth quarter and 12 months ended 31 December 2021. Net profit attributable to shareholders was $23.88m for the fourth quarter of the year, up 8.92 per cent compared with $21.93m in the fourth quarter of 2020. The increase was the result of a robust and consistent performance across the group’s core business lines and contributions from its investment banking business, which generated $52.25m in fees from placement activities linked to the group’s investments in the logistics, healthcare and education sectors. Earnings per share for the quarter was US cents 0.72 versus US cents 0.64 for the comparative quarter of 2020. Total income for the fourth quarter was $128.14m compared with US$109.29m in the fourth quarter of 2020, a rise of 17.25 per cent. Consolidated net profit for the fourth quarter was $24.34m compared with $19.04m in the fourth quarter of 2020, an increase of 27.87 per cent. Total expenses, including impairment allowances, for the quarter amounted to $103.80m compared with $90.26m in the same period in 2020, up 15 per cent. The group reported net profit attributable to shareholders of $84.22m for the full year compared with $45.09m in 2020,