IslamicFinance.de

Bahrain based Gulf Finance House (GFH) announced its financial results for the first half of 2014 ended June 30, 2014. GFH reported a net profit of $10.6m for the period compared with $4.2m for the prior year period. The Bank’s consolidated profits rose by 152% in current period compared to the prior year period although an impairment of $10m was conservatively taken. Net profit for the second quarter of 2014 was $9.5m. Total income for the first half of 2014 was $88.2m compared with $24.5m for the same period of the year 2013. Operating expenses for the period were $67.6m. GFH made debt repayments of approximately $7m during the period, representing a reduction of approximately 3.5% of the Bank’s total financing liabilities.