GFH Financial Group's profits fell 69.4% to $ 15.05 million in H1 2020, compared to $ 49.13 million in H1 2019.

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According to Arabiya Net, the financial group that is based in the Bahraini capital, Manama, said that this decrease is due to the outbreak of the Covid-19 epidemic and the slowdown in the market that affected the activities Investment banking, commercial banking, real estate and treasury activities.

The group's consolidated net profit amounted to $ 20.39 million during the first six months of the year, compared to $ 48.43 million during the same period in 2019 , A decrease of 57.9%.

The total equity attributed to shareholders amounted to $ 0.85 billion at the end of last June, compared to $ 1 billion at the end of 2019, down Its rate reached 15%, due to the financial impact of Covid-19, which resulted in achieving adjusted losses, restructuring commercial banking activities, and recognizing fair value losses and foreign exchange differences, at the group level.

The total income achieved during the first six months of the year amounted to 146.53 million dollars, compared to 163.55 million dollars during the same period in 2019, a decrease of Its rate is 10.4%. Given the challenging market conditions, these results - however - reflect the regression-resistant nature of the group's business model based on diversification, where each of the business lines contributed to generating operating income.

GFH Group Chairman Jassim Al-Siddiqi said: For the first six months of 2020, the group is pleased to achieve this steady progress, despite the current challenges and the impact of (COVID-19), both on our business and on global markets. Although the net income was affected during the first six months of the year, due to the current conditions, the group’s achievements, its strong financial position and its operational performance were reflected in the continued confidence of investors and the market.

Al-Siddiqi added: During that period, the group succeeded in offering customers more than $ 120 million in investments and issuing sukuk to regional and international investors.

On his part, Hisham Al Rayes, CEO of GFH Financial Group, said: We are pleased to continue recording strong revenues, particularly from our core investment banking activities and from our portfolio. The strategic reversal of investments that we have created.

added: While staying clear ...