GFH announced its 1Q10 earnings: a US$7.5 million. Here's the report from AlBilad in Bahrain.
As you'd expect management tried to put the best face on the results by noting the improvement over 1Q09 and the disastrous 4Q09. The progress cited is a cut in expenses by 45% to prior quarter - unclear if it's 4Q09 or 1Q09. I'm guessing the latter. As well as that there were no additional provisions. Then a comment that the earnings release was in the spirit of transparency which the Bank has followed in the conduct of its activities. Hope was expressed that 2Q10 would should continued improvement.
The former arguments were made by Essam Janahi. Then Ted Pretty took the press release "floor" noting that cost cuttings had saved US24.5 million in expenses. And that the firm was launching new products which would contribute to future earnings. That's the key issue for GFH - driving the revenues line. There's only so far one can go with cost cutting.
To be fair there's been some progress. But GFH still has a rough road ahead of it. Key will be rebuilding customer confidence in its ability to deliver.
There's nothing on GIH's website yet. When the financials are released, I'll take another look.
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