Gulf Finance House, the troubled Bahrain investment bank behind the Bahrain Financial Harbour, has reported a loss of $11.23m in the second quarter of the year.

The loss signals an improvement from the same period of last year, when the firm lost $40.2m, but shows that the firm is still struggling to build revenues after slashing costs and rescheduling its debt.

During the first half of the year, chief executive officer (CEO) Ted Pretty left the bank, and has yet to be replaced. “GFH has undergone significant restructuring and reassessing of its business model in order to return to the profitability we have thus far seen in 2011,” says deputy CEO Mohammed al-Nusuf.