Thursday 19 August 2010

Gulf Finance First-Half Loss Narrows to $47.7 Million as Expenses Decline - Bloomberg

Gulf Finance House EC said its first-half loss narrowed after it cut costs and liabilities as the Bahrain-based investment bank restructures its business.

The loss was $47.7 million after $92.1 million in the year- earlier period, the Manama-based bank said in an e-mailed statement today. Expenses fell 54 percent to $73.6 million, while liabilities were reduced to $965 million at the end of June from $1.8 billion a year ago.

Gulf Finance is restructuring after the global financial crisis reduced lending, hurting companies and investors in the region. The company said Feb. 10 it repaid a $200 million loan to the group of 32 lenders led by WestLB AG. Gulf Finance this month reached an accord on a $100 million Islamic loan.

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