GFH net profit soars 50pc to $1.5 million

Bahrain-based Islamic investment bank Gulf Finance House (GFH) reported a 50 per cent increase in net profit at $1.5 million for the first quarter this year. Total income for the period was at $11.1m. Income was primarily from fees from funds under management and a profit of $4.9m from repurchase of debts at discount. The bank's strategy of streamlined operations continued to bear results with a 30pc reduction in operating costs for the current quarter at $8.3m compared with $11.9m in first quarter of last year. GFH acting chief executive Hisham Al Rayes said GFH Capital undertook due diligence on a number of potential strategic investors for Leeds United FC and exit arrangements for Mega City Navi Mumbai focusing on profitable growth.