GFH reports Q1 profit of $11.9 million

Gulf Finance House (GFH) swung to a first-quarter (Q1) net profit helped by aggressive cost cutting and the reversal of a bonus scheme granted in 2008. GFH, which is aiming to raise 500 million US dollars in new capital, said net profit for the quarter ended March 31 was $11.9 million, compared with a net loss of $7.5 million a year earlier.
The bank expects continued interest from shareholders and investors' throughout 2011 to support its business growth and strengthen its position in the market also in the future.