Bahrainthismonth.com 66 September 2023 GFH RELEASES FINANCIAL RESULTS KHK SPORTS AND THINKSMART SIGN MOU TO PROVIDE WORK FOR YOUNG BAHRAINIS GFH Financial Group B.S.C has announced its financial results for the second quarter and first six months of the year ended June 30, 2023. Total income for the second quarter of 2023 was USD86.83 million compared to USD56.11 million for the second quarter of 2022, a rise of 54.7 percent. Consolidated net profit for the second quarter was USD32.75 million compared with USD26.03 million in the second quarter of 2022, an increase of 25.8 percent. Total income for the first half of 2023 was USD173.77 million versus USD122.13 million for the 2022 period, an increase of 42.3 percent. Consolidated net profit for the six-month period increased by 26 percent to USD57.19 million compared with USD45.38 million in the first six months of 2022. Total expenses for the period were USD116.58 million up 51.88 percent from USD76.76 million for the first six months of 2022. Total assets of the Group increased by 5.9 percent reaching USD10.34 billion at 30 June 2023 compared with USD9.76 billion at December 31, 2022. The Group’s financial results in full can be found at bahrainbourse.com. An official strategic partnership between KHK Sports, launched by First Deputy President of the Supreme Council for Youth and Sports, President of the General Sports Authority and President of Bahrain Olympic Committee, HH Shaikh Khaled bin Hamad Al Khalifa, and the ICT training provider, Thinksmart for Development and Training, has been signed. The partnership will provide Bahraini youth work opportunities through KHK Sports internships. KHK Sports is the fastest-growing sports media project in the GCC. President of BRAVE Combat Federation and CEO of KHK Sports, Mohammed Shahid, says: “As an organisation, KHK Sports has been founded under the precept of promoting real social transformation for the community as a whole. This partnership is a key step towards this goal, supporting the development of the labour market in Bahrain, shaping and mentoring the leaders of tomorrow,” he adds. Thinksmart’s Group CEO, Ahmed Al Hujairy, states: “It is a proud moment for us to be partnering with KHK Sports under our Forsati Project - a key project in partnership with Microsoft and Tamkeen for young Bahrainis which will enable them to upgrade their skills with the latest job role-based certifications.” For the first half of 2023, Gulf International Bank achieved a remarkable 108 percent increase in net profit attributable to Shareholders of the Bank, reaching USD81.2 million compared to USD39.1 million in the prior year period. The Bank’s net income for the first half of 2023 reached USD96.5 million, compared to USD46.6 million for the same period last year, representing a 107 percent increase. Net interest income at USD241.9 million was 67 percent higher than the prior year, attributed to an efficient balance sheet structure, enhanced lending margins, and the rising interest rate environment. Foreign exchange income of USD 19.7 million was higher than the prior year period, primarily due to positive traction in maximizing cross-sell activities. Consolidated total assets at the half-year end were USD44.3 billion, up 36 percent from the December 2022 level of USD 32.6 billion. Cash and other liquid assets, including short-term placements, reached USD 23.1 billion, representing a stable level of liquidity and accounting for 52 percent of total assets compared to 41 percent as of December 31, 2022. GIB ANNOUNCES FIRST HALF RESULTS
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