Bahrain-based GFH Financial Group has reported net profit of $19.11 million for Q1 2022, up more than 18 percent from $16.12 million reported in the first quarter of 2021.

The group, which has businesses including wealth management, real estate, commercial banking and asset management, said in a statement that earnings per share for Q1 were $0.54 compared to $0.52 for the first quarter of 2021.

Total assets as of 31 March 2022 stood at $8.11 billion compared to $8.08 billion on 31 December 2021, the Islamic investment bank said.

According to Hisham Alrayes, CEO of GFH, the company’s growth was enhanced by the diversification of its business activities, supported by its commercial bank, alongside asset management activities.

“Real estate and infrastructure investments were separated from the group’s consolidated accounts after the sale of 60 percent of Infracorp shares, which reflected positively.”

GFH is listed in Bahrain Bourse, Boursa Kuwait and Dubai Financial Market.