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"While 2009 proved challenging, it is important to view our results in the context of what prudently managed banks must do in tough economic times. We have closely reviewed all of our assets, made provisions where appropriate and have also begun to dispose of those which are non-core. We have asked management to review our cost base and also to ensure that we have a strategy to grow revenues. It is my strong view that as we achieve these objectives GFH will return to profitability and I am personally focused on this objective."
Acting CEO Mr. Ted Pretty added, "2009 was a year which presented unprecedented challenges to banks in both the global and GCC markets. All institutions have been impacted by declining asset values and by the tightness in liquidity. However, our underlying operating results improved with GFH recording a slightly lower loss in Q4 but a bigger improvement is expected in Q1 2010 and each following quarter. We successfully refinanced $100m with the WestLB syndicate after paying down $200m when due on February 10th. We have taken such provisions as have been needed to reflect market values and to reposition our business. We now have a smaller but much healthier balance sheet."
"Our priorities at GFH are now very simple namely to grow revenue, to substantially reduce our costs, continue to improve our liquidity position and provide exits for our investors from existing products," he added.
Posted by Rana Mesbah
