GFH Financial Group B.S.C (“GFH” or “the Group”) (Bahrain Bourse: GFH) announced its financial results for the fourth quarter (“the quarter”) and twelve months ended 31 December 2023 (“the year”).
Net profit attributable to shareholders was US$23.94 million for the fourth quarter of the year versus US$24.02 million in the fourth quarter of 2022, a decrease of 0.32% resulting from lower contribution from the commercial banking subsidiary during the quarter. Earnings per share for the quarter were US cents 0.69 compared with US cents 0.74 in the fourth quarter of 2022. Total income was US$108.24 million for the fourth quarter of the year with sound contributions made from the Group’s subsidiaries, and income from placements and fees of investment portfolios, and treasury activities. This is compared with US$109.73 million in the fourth quarter of 2022, a decrease of 1.36%. Consolidated net profit for the fourth quarter was US$24.18 million compared with US$26.23 million in the fourth quarter of 2022, a decrease of 7.82%. Total expenses for the quarter were US$84.06 million compared with US$83.50 million in the prior-year period, up 0.67%.
The Group reported net profit attributable to shareholders of US$102.86 million for the full year compared with US$90.25 million in 2022, an increase of 13.97%. The gain is attributed to growth in the investment banking business, contributions from the commercial banking subsidiary, proprietary income, as well as treasury activities. Earnings per share for the year was US cents 2.95 compared to US cents 2.65 for the full year 2022, an increase of 11.32%. Total income for the year was US$369.53 million, up 24.10% from US$297.76 million for the previous year. Consolidated net profit for the year was US$105.23 million compared with US$97.71 million in 2022, an increase of 7.69%. Total expenses for the year were US$264.30 million compared with US$200.06 million in 2022, an increase of 32.11%.
Total equity attributable to shareholders was US$989.54 million at 31 December 2023, down 0.71% from US$996.60 million at year-end 2022. Total assets of the Group increased by 13.93% to US$11.12 billion at 31 December 2023 compared with US$9.76 billion at 31 December 2022.
In line with the Group’s strong results, the Board of Directors has recommended a total cash dividend of 6.2% on par value (US$0.0164 per share), subject to approval by the General Assembly and regulators.
Currently, GFH manages over US$21 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America.