Bahrain International Bank (BIB) has reported a 26 per cent increase in halfyear profits for 1996. Net income for the offshore bank was $8.98 million compared with $7.1 million for the first six months of 1995. The bank attributes the results to significant growth in non-interest earnings driven by a record half-year contribution from the bank's US direct investment business.
Successful deals in early 1996 have included the acquisition of Carrols Holding Corporation, which operates 220 Burger King fast food outlets in the US, and the public offering of Oman's Renaissance Services. BIB acted as adviser for the offering, which was worth $10.6 million.
The increase in profits was achieved despite higher foreign taxation and an increase in provisions, a statement issued by the bank said. Increased provisions were made against specific investments, as well as for general purposes. Total profits in 1995 were $18.7 million, 11 per cent up on the previous year. Total assets in December 1995 stood at $599.6 million (MEED 16:2:96).
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