Fitch affirms GFH ratings at ‘B’

Fitch Ratings has affirmed GFH Financial Group’s (GFH) Long-and Short-Term Issuer Default Rating (IDR) at ‘B’ with the Outlook on the Long-Term IDR as Stable. The rating reflects GFH’s aim to reshape GFH’s business model towards a greater focus on fee generation and lower-risk, lower-return investments and shareholders’ support.

It also reflects the Group’s achievement in 2018 of a third successive year of material net income. GFH’s 2018 consolidated profit of US$115 million represented an 11pc increase on 2017. Fitch also went on to cite GFH’s capitalisation as sound relative to the rating level, supported by regulatory oversight from the Central Bank of Bahrain.

The report cited as positive the increase in 2018 of GFH’ proportion of liquid assets. Commenting, Hisham Alrayes, CEO of GFH said, “We are looking to keep building on this momentum and to delivering even stronger results and performance as we go forward in 2019 and beyond.”