GFH Financial Group reported a net profit attributable to shareholders of $30.61 million for the second quarter of the year up 32.74.% compared with $23.06 million for the second quarter of 2022 reflecting continued steady growth and progress.
Major contributions included income generated from the placement of the group’s global and regional investments, commercial banking business and treasury activities. Earnings per share for the second quarter was $0.86 compared to $0.66 for the comparative quarter of 2022.
“The group’s results and resilience are supported by a sharp thematic focus and concentration in attractive and defensive sectors and markets, where we will continue to build our presence,” said Ghazi Al Hajeri, chairman of GFH Financial.
“Building on our positive momentum, we will continue to make strides across the business to further diversify our operations, grow our revenues and build our portfolio of income-generating assets in key markets and across our core focus areas.”
Total income for the second quarter of 2023 was $86.83 million compared to $56.11 million for the second quarter of 2022, a rise of 54.7%. Consolidated net profit for the second quarter was US$32.75 million compared with $26.03 million in the second quarter of 2022, an increase of 25.8%. Total expenses for the second quarter were $54.08 million compared to $30.08 million in the comparative quarter of 2022, an increase of 79.76%.
Net profit attributable to shareholders increased by 29.5% to $54.62 million for the first half of 2023 compared with $42.38 million in the first six months of 2022 in line with growth in contributions from all business lines.
“The second quarter of the year saw GFH’s investments continue to deliver enhanced returns and value for the group, our shareholders and investors. We are pleased with the strong growth in both income generation and profitability as we execute our strategy and take decisive steps towards further growth across our key business lines – investment management, commercial banking and treasury and proprietary investments,” said Hisham Alrayes, CEO and board member of GFH Financial.
Earnings per share for the period was $1.55 compared to US cents 1.21 for the first six months of 2022. Total income for the first half of 2023 was $173.8 million versus $122.13 million for the 2022 period, an increase of 42.3%.
Consolidated net profit for the six months increased by 26% to $57.19 million compared with $45.38 million in the first six months of 2022. Total expenses for the period were $116.58 million up 51.9% from $76.8 million for the first six months of 2022.
Total equity attributable to shareholders was $973.58 million as of 30 June 2023 down 2.3% from $996.60 million as of 31 December 2022. The decrease was the result of dividends paid for the previous year along with fair value changes and changes in treasury shares.
The banking group’s total assets increased by 5.9% to $10.34 billion in the six months to 30 June 2023 compared with $9.76 billion as of 31 December 2022.
