GULF Finance House recorded a net profit of $7.5 million for the first nine months of 2012, as compared to a net profit of $ 4.1 million for the same period in 2011, the bank said in a statement Sunday. Specifically, net profit for the third quarter 2012 amounted to $1.8 million with total income of $8.7 million, as compared to $3.4 million and $17.2 million respectively for the third quarter 2011. The total expenses for the third quarter 2012 amounted to $6.9 million as compared to $13.8 million for the same period in 2011. During the first nine months of the year, GFH reduced its total expenses by 26 percent to $33.8 million, compared to $45.5 million during the same period last year. This decrease in total expenses was mainly attributable to continued efforts to maintain streamlined operations and reduced facilities. It is worth mentioning that GFH has made significant progress on its restructuring plan that aims to improve the bank's capital structure, strengthen its balance sheet and raise funds to pursue its growth strategy. Hisham Alrayes, acting CEO of GFH, said: “The bank is fully committed to maintain the growth and profitability that we have recognized over the past few quarters, and remain at the forefront of the investment sector. — SG
