GFH Financial reported a double-digit growth in net profit for the first three months of the year, supported by the positive performance of the company’s subsidiaries and investments.

Net profit attributable to shareholders for the first quarter ended March 31, 2024 stood at $27.14 million, up by 13.03% from the $24.0 1 million recorded in the same period last year, the company said in a statement on Tuesday.

Total income rose by 55.13% to $162.97 million during the same period. Consolidated net profit jumped by 24.14% to $30.34 million.

The company attributed the positive results to the growth in contributions from investment banking, treasury and proprietary investment activities, as well as commercial banking business.

GFH Financial has more than $20.6 billion in assets and funds under management, as well as a global portfolio of investments in logistics, healthcare, education and technology in the Middle East and North Africa (MENA) region, Europe and North America.

(Writing by Cleofe Maceda; editing by Seban Scaria)