GFH Financial Group, a Bahrain-based investment bank, reported third-quarter profits rose more than 1% annually as investment banking revenue increased over the same period on increased trading activity. .
GFH said in a Tuesday filing to the Abu Dhabi Stock Exchange, where its shares are traded, that net profit attributable to its shareholders amounted to approximately $24.3 million in the three months to the end of September. .
Investment banking revenue more than doubled during the same period to $75.7 million, while trading-related revenue jumped more than 100% to $70.6 million.
During this period, financial income, investment income, and loan income also increased, increasing the company’s profits. Total costs also increased during the period.
Hisham Al-Rays, CEO of GFH Financial Group, said: “During the quarter, we grew our profit by double digits and further strengthened our profitability.”
“The primary contribution in the third quarter was fees generated from our investment banking business. We also took advantage of rising interest rates, which contributed significantly to investment income in the quarter.”
During the quarter, the company completed three new transactions – US Opportunistic Fund, Saudi Food Logistics Fund and US Student Housing Fund – and raised $361.1 million with investors across the GCC in connection with the group’s regional and international funds. We have invested more than .
Listed on the Bahrain Stock Exchange, Dubai Financial Market, ADX and Bursa Kuwait, GFH has over $18 billion in assets and has operations focused across the GCC, North Africa and India. in addition to investments in the United States, Europe, and the United Kingdom.
The company’s nine-month profit attributable to shareholders increased 19% annually to approximately $79 million, primarily due to higher investment banking revenues.
“We look forward to ending the year with progress across our business lines and priority markets, with a focus on further growing our investment portfolio in the GCC and the US,” he said.
Earlier this year, the company acquired a majority stake in Big Sky Asset Management, a US real estate asset management company focused on the defensive healthcare sector.
GFH Financial’s sustainable infrastructure platform, Infracorp, is also co-investing in Finland’s proprietary electricity distribution network, Aurora Infrastructure.
Al-Rays said GFH aims to either cross-list on Saudi Arabia’s Tadawul stock exchange or list its subsidiary GFH Capital directly on the Middle East’s largest stock exchange. The National In an interview last month.
Updated: November 14, 2023, 7:50 a.m.