- Weather
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Max |
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40°C |
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Min |
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30°C |
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Sunrise |
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05 : 30 AM |
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Sunset |
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06 : 30 PM |
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Humidity |
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50 to 80 per cent |
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- Prayer Time
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Fajar |
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04:02 am |
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Dhuhr |
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12:08 pm |
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Asar |
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03:31 pm |
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Magrib |
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06:46 pm |
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Isha |
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08:04 pm |
- Oil Price
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- Gold Price
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Price in RO
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24ct / gm |
: |
17.99 |
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22ct / gm |
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17.55 |
- Currency Rates
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Forex Rates vs R01
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US Dollar |
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2.59 |
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Euro |
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2.02 |
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Pound |
: |
1.71 |
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Indian Rs. |
: |
142.40 |
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Pak Rs. |
: |
255.91 |
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Bangla Taka |
: |
201.79 |
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Muscat: Gulf Finance House (GFH) announced its financial results for fiscal year 2012. The bank posted a net profit of $10.03 million, compared with $0.38 million in 2011.
The bank's profitability in 2012 was the result of strong shareholder support, investor loyalty, and a management team that was committed to leading the institution through significant restructuring and earning income from profitable investments.
Operating profit
Operating profit before provisions was $20.43 million, compared with $8.5 million in 2011—an increase of 140 per cent. In addition, GFH posted reduced operating costs from $62.87 million to $43.15 million, a 31 per cent reduction compared with last year.
The drop was mainly attributable to ongoing efforts to maintain streamlined operations and reduce facilities.
In fourth quarter of 2012, GFH had a net profit before provisions of $12.9 million, with net profit after provisions of $2.5 million, against a net loss of $4 million in 2011.
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