Gulf Finance House "GFH", the Bahrain-based Islamic investment bank, today announced its financial results for the third quarter and first nine months of the year ended 30th September 2014 ("the period").
For the nine-month period, net profit was US$15.6 million compared to US$1.0 million in the corresponding period of 2013. Total income was US$121.1 million versus US$30.5 million for first nine months of the previous year. The investment banking income for the period increased an impressive 75% year-on-year.
Results for the third quarter also showed significant improvement with profits of US$5.0 million compared to a net loss of US$3.2 million in the third quarter of 2013. Total income for the third quarter was up a sharp 532% reaching US$32.9 million versus US$5.2 million in the prior year period. Income during the quarter was primarily generated from placement fees for the Bank’s, investment products as well as from the settlement of liabilities for the bank.
Operating expenses for the nine-month period were US$95.5 million. Investment operations expenses were US$35.3 million compared to US$27.45 million during the first nine months of 2013.