ArabianBusiness.com - Middle East Business News
Sunday, 22 November 2009 16:49 UAE time

YOUR DIRECTORY /

| Share |

Gulf Finance House posts $37.7m net loss Q109

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 19 May 2009
PROFIT LOSS: Gulf Finance House has not booked any income on new projects, it said in a statement.
PROFIT LOSS: Gulf Finance House has not booked any income on new projects, it said in a statement.

Bahrain-based Islamic lender Gulf Finance House said on Tuesday it made a net loss of $37.7m in the first quarter due largely to provisions it took on its investment portfolio.

Total income for the first quarter was $50m, helped by equity raising for its Energy City Libya initiative, it said in a statement on Dubai's bourse website, adding it made $43m of provisions on investments relating to non-client projects.

"We have taken a very conservative approach in our financial results and have not booked any income on any new projects," the firm's chairman Esam Janahi said in the statement.


Story continues below ↓
advertisement

The bank made a profit of $116.26m in the year-earlier quarter and posted a net loss of $10.53m in the fourth quarter of 2008. (Reuters)

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

TOP IN MIDDLE EAST BANKING & FINANCE

  1. Tamweel, Amlak merger seen in Q1 2010
  2. StanChart to boost Mideast pvt banking business
  3. SocGen opens wealth management office Bahrain
  4. More UAE bank mergers predicted in 2010 - Ethos
  5. UAE banks' Saad, Algosaibi exposure seen at $2.9bn

TOP MIDDLE EAST BUSINESS STORIES

  1. Qatar-Bahrain causeway work to being Q1 2010
  2. GCC office space valued at $34bn by 2010
  3. Yahoo! Maktoob aims to double users in two years
  4. Microsoft steps up UAE anti-piracy raids
  5. Gulf Air denies safety risk after Saudia near miss

ALSO IN MIDDLE EAST BANKING & FINANCE

  1. The Roubini Vs Rogers debate
  2. Dubai's Abraaj eyes property investments
  3. Emirates NBD launches bank’s new brand identity
  4. Dubai replaces head of DIFC
  5. Islamic finance steps up

LATEST MIDDLE EAST BUSINESS NEWS

  1. Politics & Economics: Dubai population grows 1.9% in Q2
  2. Construction & Industry: Qatar-Bahrain causeway work to being Q1 2010
  3. Travel & Hospitality: US leisure giant to open first Mideast hotel
  4. Real Estate: GCC office space valued at $34bn by 2010
  5. Technology: Microsoft steps up UAE anti-piracy raids

SHARE PRICE CHECK

more » MIDDLE EAST MARKETS DATA

GFH.DFM

Last Price:

1.29

-0.03-2.27%

22 Nov 2009 09:58 GMT
(Market Closed)

RELATED STORIES

Q1 Profits 2009
3 stories
  1. Mideast airlines post Q1 profit
    1 Jul '09 | News
  2. Dubai's Depa expects 40% rise in profit Q109
    13 May '09 | News
Gulf Finance House - Bahrain
| 69 stories
  1. Gulf Finance House swings to Q3 loss on lower income
    11 Nov '09 | News
  2. Bahrain's GFH announces major shake-up
    12 Oct '09 | News
  3. Gulf Finance House sees earnings recovery in H2
    10 Sep '09 | News

RELATED LINKS

  1. Gulf Finance House - Bahrain»
Related links open in a new window and are not endorsed by ArabianBusiness.com.

 EMAIL ALERTS

  1. Gulf Finance House - Bahrain

  2. Banking & Finance


CURRENCY CONVERTOR

Tell us your story

CURRENT ISSUE


 

READER COMMENTS

  1. The Roubini Vs Rogers debate 04
    22 Nov ' 09 at 14:44
    Simon, I agree with everything you say. The paper gold games of Comex and the gold fractional reserve banking system of the LBMA are...   More  »
  2. RTA to lease last batch of retail outlets on Red Line 04
    22 Nov ' 09 at 14:54
    Guys not that I am against these Retail Outlets but I was wondering how many of the metro users actually use these outlets?Any one of...   More  »
  3. Merger technical talks to conclude in a month - Emaar 03
    22 Nov ' 09 at 12:33
    Dubai needs is Antitrust & Trade Practices law in place to go forward.Too many people have burnt their fingers including large...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM

JOBS

SPECIAL REPORTS

SURVEYS & REPORTS

PROPERTY