Gulf Finance House (GFH) recorded a net profit of $1 million in the first quarter of this year, with total income of $12.9 million resulting primarily from management fees and restructuring of debt, the bank said Monday in a statement. GFH continued to implement its comprehensive recovery plan for the period ending 31st March 2012, including stringent cost cutting measures coupled with aggressive debt restructurings, realizing a further reduction in operational costs, with total expenses of the bank down by almost 18 percent from $14.5 million to $11.9 million when compared to the same period last year. Hisham Alrayes, acting Chief Executive Officer of GFH, said: "We are pleased with our financial results for the first quarter of 2012, which is a reflection of the bank's serious efforts to redefine its business strategy and create value for the shareholders. We remain committed to maintaining profitability, despite the difficult market conditions. We are grateful to all of our shareholders, the Central Bank of Bahrain and GFH staff for their continued support which has propelled positive results even in difficult times."
