Mubasher: The net profits attributable to shareholders of GFH Financial Group were valued at $24.01 million in the first quarter (Q1) of 2023, up 25.60% from $19.12 million in Q1-22.
The higher net profits were backed by growth across the group’s core investment banking, treasury, and commercial banking business lines, according to a press release.
Earnings per share (EPS) stood at $0.73 in Q1-23, an annual rise from $0.54.
In the three-month period that ended on 31 March 2023, the total income reached $86.93 million, higher by 31.70% year-on-year (YoY) than $66.02 million.
Consolidated net profit hiked by 26.30% to $24.44 million during Q1-23 from $19.35 million in the year-ago period.
Total expenses amounted to $62.50 million in Q1-23, a 33.90% YoY jump from $46.67 million.
During the first three months (3M) of 2023, the total equity attributable to shareholders hit $982.72 million, down 1.40% from $996.60 million at the end of 2022.
The group reported a 6.60% increase in total assets to $10.40 billion during Q1-23, compared to $9.76 billion as of 31 December 2022.
Ghazi Al Hajeri, Chairman of GFH, said: “Despite ongoing volatility across global markets, our investment strategy and diversification are working well in such economic cycles.”
“Having entered the year with good momentum, we look forward to building on these results and generating even greater value for our investors and shareholders in the forthcoming periods,” Al Hajeri elaborated.
Hisham Alrayes, CEO of GFH, highlighted: “We have been able to undertake key investments during the last six months and successfully place funds of our regional healthcare platform, Healian, with investors.”
“Our commercial banking subsidiary, Khaleeji Commercial Bank, has also been successful in adjusting to high-interest rates during the period and achieved sound growth,” Alrayes continued.
He indicated: “Similarly, our treasury business has been able to rebalance its portfolio and achieve good gains during Q1.”
“We aim to further build our portfolio of income-generating assets in the GCC, where economic growth is expected to continue in the coming periods,” the CEO concluded.
Last year, GFH generated $90.25 million in net profit attributable to the owners, higher by 7.20% than $84.22 million in 2021.
In addition to trading on Dubai Financial Market (DFM), GFH is cross-listed on Abu Dhabi Securities Exchange (ADX), Bahrain Bourse, and Boursa Kuwait.
