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Gulf Finance House Announces $728 Million Loss

Manama, Bahrain : 15 February 2010

Gulf Finance House, based in Bahrain and one of the region’s most successful Islamic banks, has announced net losses of $728 million, including operating losses in the final quarter of 2009 of $607 million.  This is a figure which compares badly with the $292 million net profit that the company posted for 2008. The bank is considered an innovative establishment in Middle East and has been the recipient of numerous ‘best bank’ awards.  Dr Esam Janahi, GFH Chairman commented yesterday,

“While 2009 proved challenging, it is important to view our results in the context of what prudently managed banks must do in tough economic times”

“We have closely reviewed all of our assets, made provisions where appropriate and have also begun to dispose of those which are non-core. We have asked management to review our cost base and also to ensure that we have a strategy to grow revenues. It is my strong view that as we achieve these objectives GFH will return to profitability and I am personally focused on this objective.”

The statement follows news last week that GFH have been in talks with their creditors over arranging repayment of US$100 million (Dh367.2m) of debt which is due by 2012.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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