Gulf Finance profit boosted by investment income

Bahrain Islamic investment bank Gulf Finance House reported a 44% rise in third-quarter profit as investment income surged.

The bank made $85.34 million in profit attributable to shareholders in the three months to September 30 compared with $59.28 million in the year-earlier period, Gulf Finance said in a statement on the Dubai bourse website on Tuesday.

Income from investment advisory services fell 0.6% to $76.76 million while fee income dropped 29% to $4.97 million, it said.

Income from investment securities soared to $50.4 million from $920,000 in the year-earlier period.

Gulf Finance said on Monday it had raised $630 million from clients for an Indian project to provide business infrastructure for oil and gas producers, refiners, and companies involved in shipping, energy trading and support services.

The investment firm is also involved in a similar energy city project in the Gulf state of Qatar. It has investments in the Gulf Arab region, Jordan and Morocco, and has said it is looking at opportunities in China.

Gulf Finance complies with Islam's ban on lending on interest and trading money.

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