$ 10 m profit for Gulf Finance House

Gulf Finance House (GFH) has announced its financial results for the fiscal year 2012. The bank posted a net profit of $ 10.03 million compared to $ 0.38 million in 2011.
The bank’s profitability in 2012 was the result of a strong shareholder support and investor loyalty, and a dedicated management team committed to seeing through the significant restructuring and income from profitable investments.
Operating profit before provisions was $ 20.43 million compared to $ 8.5 million in 2011, an increase of 140 percent.
Additionally, the bank posted reduced operating costs from $ 62.87 million to $ 43.15 million, a 31 percent reduction compared to the same period last year, which was mainly attributable to continued efforts to maintain streamlined operations and reduced facilities.
During the fourth quarter of 2012, GFH had a net profit before provision of $12.9 million with net profit after provision of $ 2.5 compared to a net loss of $ 4 million in 2011. This is accredited to the income generated from the Leeds FC investment and other investment companies.
Esam Janahi, chairman of GFH, said: "These results are a testimony to the determination of the board and executive management to turning around the bank’s activities positively following the financial crisis."
Janahi added: "Despite the slowdown in the international, regional and local economies, at GFH we have met the challenges and have continued to maintain its growth momentum and remain profitable. We are committed to providing long-term benefits for our shareholders, our investors and our employees and appreciate the commitment, dedication and support extended towards the growth activities of the bank."
Hisham Alrayes, acting CEO of GFH, said: “The bank’s positive results come from our streamlining approach, implemented in 2012, and resulting in a restructuring of GFH’s investments. The value of this can be seen in the bank’s overall profitability”.