Bahraini firm Gulf Finance House sees 37 per cent decline
The Bahrain-based Islamic investment bank announced a 37 per cent decline in profits for 2013.
Net profits fell to $6.3m compared with $10.03m recorded the previous year. Operating profit before provisioning also fell to $9.3m compared with $20.43m in 2012.
Profits did start to climb towards the end of the year, with fourth-quarter profits reaching $5.2m compared with net profit of $2.5m in the fourth quarter of 2012. This increase was partly generated by the sale of investments. The bank has also cut its operating costs by close to 20 per cent.
Following the financial crisis in 2008-09, Gulf Finance House went through some extensive debt restructuring given its high exposure to the declining property market.