Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, on Wednesday announced that net profit for the first half of 2014 more than doubled compared to the same period last year.
The bank said in a statement that it made net profit of $10.6 million compared to $4.2 million. Net profit for the second quarter was $9.5 million against $2.7 million in Q2 2013.
Total income for the first half of 2014 was $88.2 million compared to $24.5 million for year-earlier period.
The company said contributing to the improved result among other factors was the income of $33 million generated from recoveries of previous investments in the form of land, which was concluded during the second quarter.
GFH added that it made debt repayments of approximately $7 million during the period representing a reduction of approximately 3.5 percent of the bank's total financing liabilities.
Early in the third quarter, the bank said it has further repaid $25 million to its financiers as part of a restructuring plan signed in 2012.
Hisham Al Rayes, CEO of GFH, said: "We are pleased to announce another period of healthy results and enhanced profitability. In the first half of the year, the bank concluded a number of investments in the UAE market, where we are looking to expand our exposure and benefit from strong dynamics in sectors including education, tourism and real estate development.
"Through ongoing fiscal discipline and effective balance sheet management, we have put the bank on a stronger financial footing that will enable it to enter into the second half of the year well positioned for pursuing new investments and achieving further financial growth and increased profitability."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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