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 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.